Since mid last week, we saw a slightly higher than expected correction when the US Dollar corrected massively to the upper side and even went above 111.72 and could continue to rise even higher today. With that in mind, we still on the sidelines on this pair, our expectations is that price should continue to rise towards the upper trend line where we'll be looking to resell the impulsive wave (E) towards the lower trend line. This pair should be traded alongside CADJPY, CHFJPY, NZDJPY and AUDJPY. These pairs have a strong positive correlation and will move in the same direction today.
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