27 July 2016, USD/JPY
USD/JPY is currently trading with a bullish bias. Earlier today, the pair rebounded from our set target support level 104.37, headed long and is currently finding it difficult to close above 106.51. As long as the pair trades below 106.16, expect a possible bearish reversal from 106.16-106.51 to go short. In the meantime, we choose to sit on the sidelines and buy above 106.51 or upon a clear rejection from 106.16. This pair should be traded alongside EUR/JPY, USD/CAD, AUD/JPY, CAD/JPY, and NZD/JPY. 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 rebound from 106.16 to short with an ideal target at 104.37. Buy positions are only recommended above 106.51 with an ideal target at 108.96.
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