USD/JPY is currently trading with a bullish bias. As long as the pair trades within the rectangular formation, we will only be keen to trade reversals from either levels 102.58 and 100.71.. A clear breakout above 102.58 will call for long positions while a clear breakout below 100.71 will call for short positions. This pair should be traded alongside CAD/JPy, NZD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.
Remain long for now but only up to 102.58, a clear breakout above this target will call for further long positions with the next target at 104.37. Sell positions are only recommended below 100.71 or upon a clear rebound from 102.44.
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.