20 April 2016, USD/JPY
Wave Analysis:
USD/JPY is currently trading with a slight bullish bias. Yesterday, the pair traded perfectly long as previously forecasted but ended up closing below 109.26. During this intraday, key levels are seen 109.78, 109.30, 108.95, 108.62, 108.43 and 107.97. As long as the pair trades below 108.95, expect a downward rally towards 108.62. This view can only be invalidated if the price ends up closing clearly above 109.00, if the latter is the case then expect an upward rally towards109.78. This pair should be traded alongside EUR/JPY, GBP/JPY, AUD/JPY and AUD/USD. These pairs have a positive correlation of up to +0.78 and will likely have a similar price action during this intraday.
Trade Recommendations:
As long as the level 108.95 protects the upper side, remain short with your target at 108.62. A clear breakout above 109.00 will call for long positions with a target at 109.78.
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