21 July 2016, USD/JPY
USD/JPY is currently trading with a bullish bias. Yesterday, the pair broke above the key level 106.51, headed long and is still pretty much bullish. During this intraday, we expect a possible bullish price rally towards 108.96 or even higher to 111.82. This view holds true as long as the pair trades above 106.51, any clear retracement below 106.16 will invalidate the anticipated upward rally. This pair should be traded alongside AUD/JPY, GBP/JPY and GBP/CHF. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.
As long as the pair trades above 106.51 remain long with an ideal target at 108.96.
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