For almost a week now, the US Dollar has been correcting upwards but should not extend above 111.94. We expect this level to have marked the end of any corrections to the upper side that the downward rally that began yesterday is the continuation of the impulsive wave (c) to the lower side but should not close below 104.00. This pair should be traded alongside CADJPY, AUDJPY, CHFJPY and HKDJPY. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 104.00
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