Wave Analysis:
During the previous trading day, the corrective rally seeking to correct the impulsive wave (E) stretched a bit higher than expected and is still showing signs of rising even higher. During this trading day, we expect further extension to the upper side but should not break above the upper resistive trend line. If you’re not already on a short position now, you could wait for a rebound from this trend line, then pick a short position with an ultimate target at 107.25. This pair should be traded alongside CADJPY, AUDJPY, NZDJPY and CHFJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction during this intraday.
Trade Recommendations:
Wait for a sell along the upper resistive trendline.
Origin: FreshForex
