Trade USD/JPY Alongside CAD/JPY (SELL)
20 September 2016, USD/JPY
Yesterday, instead of going long, the pair broke below the support level 101.92 and is still pretty much bearish of the 4 Hour chart. The previous 4 Hour candle is a near perfect bearish pin bar and will drive the market towards 100.26 or even lower side. The current upward rally is a mere retracement and should not go beyond 101.92. Ideally, we expect to continue short with the impulsive wave (c) but should not go beyond 100.26. A clear breakout below this target may push the price further to the lower side with the next target at 99.04. This view can only be invalidated in case the current retracement end up above 101.92, if this is true, the an upward acceleration towards 103.27 is unavoidable. Trade this pair alongside CAD/JPY, all these pairs had perfect bearish pin bar on their 4 Hour Charts during the past 4 Hours.
Now is the time to go short with an ideal target at 100.26.
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