USD/JPY is currently trading with a bearish bias. Earlier today, the pair gapped to the upperside but could not close above 104.73. We still expect further movements to the lower side and may break below 103.54. In the meantime, we are wait for a clear breakout below 104.21 to go short with an ideal target 101.3. This pair should be traded alongside EUR/JPY, GBP/JPY, CAD/JPY and USD/CHF. These pairs have a strong positive correlation of up to +0.94 and will have a similar price action during this intraday.
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.