22 April 2016, USD/JPY
Wave Analysis:
USD/JPY is currently trading with a bullish bias. Yesterday, the pair traded within a tight range not going above 109.78 or below 109.30. During this intraday, if the price closes as is it right now (above 109.95), then we expect an upward rally. However, if the price close below 109.78, then short positions will be ideal with targets along key support levels 109.30, 108.95, and 108.62. This pair should be traded alongside GBP/JPY, EUR/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this intraday.
Trade Recommendations:
Wait for the current upward rally to close clearly above 109.80, then go long. In case of a clear close below 109.78, then short positions will be ideal with targets along key support levels 109.30, 108.95, and 108.62.
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