Usdjpy is currently trading with a declining bearish bias. As long as the price remains above 110.85, we expect a possible rebound from it to long this pair. Ideally, we expect this level to make the end of the current correction, that any serious movements to the upper side will be the unfolding of the impulsive wave (c) to the upperside and should break above 111.32 towards 111.80. This pair should be traded alongside AUDJPY, CHFJPY, NZDJPY and GBPJPY. These pairs have a strong positive correlation and will move in the same direction today, Only buy or sell the Us Dollar if the other positively correlated pairs are given the same direction:
Trade Recommendations:
Rebuy the us dollar around 110.30 with an ultimate target at 111.35
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