USD/JPY is currently trading with a bearish bias. Yesterday, the pair traded perfectly short as previously forecasted and is still pretty much bearish. Although we expect further rally to the lower side , we will only be interested in going short upon a clear breakout below 103.98. A break below this level is likely culminate into a possible bearish price rally towards 102.01 or even lower. This pair should be traded alongside AUD/JPY, EUR/JPY, USD/CHF and GBP/JPY. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday
If you are not short already, wait for a clear breakout below 103.98 to go short with an ideal target at 102.01.