USD/JPY is currently trading with a bullish bias. During the previous trading day, usd/jpy bounced off from 112.35 as previously forecasted and still pretty much bullish. During this intraday, we will remain long but with our target at 114.56. A clear breakout above 114.83 would mean we are headed further long with the black wave ((c)) but with an ultimate target at 116.46. Also, be careful about a possible rebound from 114.46 for you to execute possible sell orders. This pair should be traded alongside other positively correlated pair such as NZD/JPY and GBP/JPY. This pair have a strong positive correlation to usd/jpy and is thus expected to have a similar price action. Only buy or sell usd/jpy if the other positively correlated pair is giving the same signal.
Remain long in this pair with your target at 114.56. A break above 114.86 would mean looking for further long positions with your next ideal level at 116.46.
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.