Wave Analysis:
USD/JPY is currently trading with a bullish bias. During the previous trading day, usdjpy traded short and ended up forming a double bottom with the support level 111.30. Following the exhaustion on the daily chart, expect the pair to continue long with wave (c) ending at 116.67. This pair should be traded alongside other positively correlated pairs such as GBP/JPY. This pair have a strong positive correlation of up to +0.87 to usd/jpy and is thus expected to have a similar price action with it. Only buy or sell usd/jpy if all the other positively correlated pairs is giving the same signal.
Trade Recommendation:
Remain long with your ultimate target at 116.67. A break above the immediate resistive trend line will confirm the anticipated upward rally.
Origin: FreshForex
