USD/JPY is currently trading with bearish bias. As long as the pair trades below the daily support 111.05, expect the pair to post further decline in price. We will thus remain short with our target at 110.57. A break below this level will push the price further to the lower side. This pair should be traded alongside USD/CHF and NZD/JPY. These pairs have a strong positive correlation of up to +0.86 and will likely move in a similar direction during this intraday. Only buy or sell usd/jpy if the other pairs are giving the same signal.
Remain short with your first target at 110.57. A break below this level will call for further short positions.
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.