Few days ago the impulsive wave (v) extended to the upper side but could not go beyond the resistance level 1.2054. We expect this level to have marked the end of this impulsive wave count, that current bearish price rally is the unfolding of a corrective three wave cycle but should not go beyond 1.1672, where we’ll be looking for a possible long position. That said, we’re keenly waiting for the end of this bearish correction to long this pair at the least risk possible. This pair should be traded alongside CADJPY, AUDJPY, CHFJPY, and USDJPY. These pairs have a strong negative correlation and will move in opposite direction during this intraday.
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