06 July 2016, USD/JPY
USD/JPY is currently trading with a bearish bias. As previously forecasted, the pair broke below the support level 101.55, headed short but is currently trading along the lower supportive trend line. We expect a possible rebound from this trend line to go long with our ideal target at 103.99. This view remains valid as long as the pair trades above the trend line. A clear breakout below this trend line will culminate into a possible bearish price movements towards 99.00. This pair should be traded alongside GBP/JPY, AUD/JPY and GBP/USD. These pairs have a strong positive correlation and will have a similar price action during this intraday.
If you are not short already, wait and go short below the lower trend line. Buy positions are recommended above 101.83 with an ideal target at 103.99.