perfectly as previously anticipated, the impulsive wave (v) extended higher during the previous trading day but is yet to hit our target. During this intraday, we expect a possible extension of this impulsive wave upwards with our target still intact at the daily resistance level 114.88. A break above this level will push the price further upwards but should not go beyond 118.00. Sell positions can only be reconsidered upon a clear rebound from 114.88 or below 111.90. Expect a similar wave count in CADJPY, NZDJPY, AUDJPY, EURJPY and CHFJPY. These pairs have a strong positive correlation of up to +82% and will move in the same directiond during this intraday. This pair also trades exactly opposite GBPUSD and EURUSD. These two can be traded alongside USDJPY but in opposite directions.
Trade Recommendations:
Expect a possible bullish price rally towards 114.88
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