Yesterday, the US dollar dropped slightly to the lower side but has currently retraced back to our previous retracement level 112.81. Unless there's a clear break above this level, we choose to remain skeptic about long positions, instead, we'll stand a side momentarily and expect a possible rebound from this level to go short with an ideal target at 111.65. Any clear breakout above 112.81 will push the price further to the upper side but should not go beyond 113.6 from where we'll be looking to continue short. Expect a similar wave count in USDCHF, CADJPY and NZDJPY. These pairs have a strong positive correlation of up to +89% and will move in the same direction during this intraday. Only buy or sell USDJPY if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bearish rebound from 112.81 to go short with an ideal target at 111.65.
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