The corrective wave (iv) continues to rally to the upper side despite our expectations to close around 109.03. As long as the price remains above 109.03, we expect further corrective rally to the upper side but should not go beyond 111.03 from where we'll be looking for low risk sell opportunities. Although this upward correction is highly anticipated, we're reluctant to buy this pair, instead we'll be looking to sell around 110.03 at minimal risk. Expect a similar wave count in CADJPY, AUDJPY and NZDJPY. These pairs have a strong positive correlation of up to +86% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price movements towards 100 in the long run.
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