During the previous week, the impulsive wave (5) come to an unprecedented end and could not go below 105.35. Instead, the price rebounded perfectly from this line and is currently heading to the upper side, we expect this upward rally to be the unfolding of a corrective three wave cycle and should not go beyond the 4 hour resistance level seen at 107.85. If this resistance is broken, then we expect further bullish momentum towards 111.11. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY and NZDJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction today.
Trade Recommendation:
Look for a long position now with the first target at 107.85 and the next at 111.11
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