As previously anticipated, the impulsive wave (c) extended lower and is still pretty much bearish both on the daily and the weekly charts During this intraday, we still expect further drop towards 100.44 and may extend even further. While we don't refute the possibility that the price could pullback slightly to the upper side, chances that the price could drop towards 100.4 are very high and should be expected. Expect a similar wave count in CADJPY, NZDJPY and CHFJPY. These pairs have a strong positive correlation of up to +85% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 100.4
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