USDJPY is currently trading with a bearish bias.During the previous trading day on 29th July 2016 , the pair traded perfectly short and previously forecasted and even hit our target take profit level 102.11. The daily candle is still pretty much bearish and may drive the price further to the lower side but should not go beyond 99.03. This view can only be invalidated in case the pair clearly rebound from 102.30. This pair should be traded alongside NZD/JPY, CAD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.
Wait for a clear breakout below 102.11 then go short with an ideal target at 99.03. A clear rebound from 102.11 will call for long positions with an ideal target at 104.37
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.