For almost a week now, the impulsive wave (c) has extended lower as expect but is yet to hit our target at 104.00. Although we expect further extension of this wave, we cannot refute the possibility that this pair could rise to the upper side towards 111.99. If this should be the case, then at 111.99 is the best place to short this pair at the least risk. This pair should be traded alongside CADJPY, NZDJPY, CHFJPY and AUDJPY. These pairs have a strong positive correlation of up to +71% and will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 104.00
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