Last week on Thursday, a correction of the impulsive wave (E) was seen when price pulled back slightly to the upper side but only momentarily, the next day, Friday. the impulsive wave (E) extended to the lower side but is yet to reach our first support level 110.22. During this intraday, we expect a possible bearish extension of this impulsive wave but should not go beyond 110.22. According to the current chart set and structure and set up, we're still bearish and chances of falling even lower is highly anticipated. This pair should be traded alongside CADJPY, NZDJPY and CHFJPY. These pairs have a strong positive correlation and will move in the same direction today.
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