14 June 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with a bearish bias. As previously expected, the pair retraced to the upper side but could not close above 106.57. We still expect further momentum to the lower side but only upon a clear breakout below 105.80. A break below the support level 105.80 will lead to an acceleration to the lower side but should not close below 103.24. This pair should be traded alongside GBP/JPY, EUR/JPY, and AUD/JPY. These pairs have a strong positive correlation and will have a similar price action during this intraday.
Trade Recommendations:
Remain flat for now now and wait for a clear breakout below 105.80, then go short with your ideal target at 103.24.
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