Despite our previous forecast, the US Dollar continues to rise to the upper side but is still below our sell level 111.92. We expect a possible rise towards this level to continue short the impulsive wave (c) towards 100.00. Any clear breakout above 111.92 will push the price further to the upper side but should not go beyond 118.00. Trade this pair alongside CADJPY, AUDJPY, CHFJPY, and GBPJPY. These pairs have a strong positive correlation of up to +71% 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.
Expect a possible rebound from 111.92 to sell this pair with an ideal target at 100.
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.