During the last trading day, USDJPY opened at 112.80 went as high as 113.43 and low as 112.60 but ended up closing at 112.64, just a few pips below its opening price. The Friday's candle is a perfect bearish pin bar candle and signals a possible increase of sellers into this marker. That said, as long as the price remains below the previous day's opening price, 112.80, we expect a possible bearish price rally towards 111.03 or even lower. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY and CHFJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Look for short position around 112.80 with your target at 111.03
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