USDJPY is currently trading with a bearish bias. As previously forecasted, the pair rebounded from 106.30, headed short and is still pretty much bearish. We expect to continue short with this pair but should not go beyond 103.99. A break below this target will lead to futher momentum to the lowerside.This pair should be traded alongside GBP/USD, GBP/CHF, GBP/JPY, EUR/USD, AUD/JPY and AUD/USD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.
Expect a possible bearish price rally towards 103.99
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