Few days ago, the corrective wave (4) extended to the upper side but failed to close above the resistance level 110.85. We expect this level to have marked the end of this corrective wave count, that the current bearish rally on the 4 hour chart is the unfolding of the impulsive wave (5) to the lower side with an ideal target at the daily support line 108.40. If this support is broken, then we expect a possible bearish acceleration towards 100.0. This pair should be traded alongside CHFJPY, CADJPY, USDCHF and AUDJPY. These pairs have a strong positive correlation of up to +72% and will move in the same direction during this intraday. Only buy or sell usdjpy if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bearish price rally towards 108.40
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