Despite the bullish pin bar candle seen on 10th May 2017, this pair could not extend higher, instead, there's a bearish correction and could extend lower. We expect further rally to the lower side but this is just a mere correction and should not go beyond 111.95 from where we expect our buyers to be waiting. A breakout below 111.95 will culminate into a possible bearish price rally towards 109.722 or even lower. Expect a similar wave count in CADJPY, AUDJPY, NZDJPY and CHFJPY. These pairs will have a similar wave count during this intraday. Only buy or sell USDJPY if the other pairs are giving the same signal.
Trade Recommendations
Wait for the current pullback to end around 112.74 then buy the US Dollar with an ideal target at 115.040
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