USDJPY is currently trading with a slight bearish bias. The pair traded short for the better parts of yesterday's intraday but could not hit our key support level 122.44. We are waiting to begin wave (5) from 122.44, meaning, we will go long from the support trend line at 122.44. Traders trading this pair should observe other positively correlated pairs such as USD/HUF, USD/DKK and USD/HKD for similar price movements. Only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.
Buy from the support trend line at 122.44. Any clear movements below this support trend line may challenge this view.