After retracing back to the resistance level 110.715 for the third time but could not break above it. We expect the downward rally that followed this rejection to the continuation of the impulsive wave (5) to the lower side but should not break below the support level 108.500. According to the current chart set up and structure is pretty much bearish and holding onto or picking a long position in this pair may not be the best ideal. The best places to short this pair include 110.715 and 112.403. Trade this pair alongside CHFJPY, USDCHF and CADJPY. These pairs have a strong positive correlation and will move in the same direction:
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