14 June 2016, USD/JPY
USD/JPY is currently trading with a bearish bias. As previously expected, the pair retraced to the upper side but could not close above 106.57. We still expect further momentum to the lower side but only upon a clear breakout below 105.80. A break below the support level 105.80 will lead to an acceleration to the lower side but should not close below 103.24. This pair should be traded alongside GBP/JPY, EUR/JPY, and AUD/JPY. These pairs have a strong positive correlation and will have a similar price action during this intraday.
Remain flat for now now and wait for a clear breakout below 105.80, then go short with your ideal target at 103.24.
We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us