As previously forecasted, the corrective wave (iii) rallied to the lower side and even broke below 109.3; this is a short term support level and as long as the price remains below it, we expect a possible acceleration to the lower side. In the meantime, a retracement towards 109.3 will give low risk sell opportunities and even most important, if the price can retrace towards 111.04, this will be the best place to pick low short orders. This pair should be traded alongside CADJPY. SPX500, AUDJPY and NZDJPY. These items will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible bearish momentum towards 100.54.
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