Despite the bullish engulfing candle seen on 23rd of this month, the price could not rise above the level 111.90, instead, the pair consolidated around this zone and is currently showing signs of possible momentum to the lower side. As long as the level 111.90 protects any invasion to the lower side, we expect a possible bearish price rally towards 100.00. Expect a similar wave count in CADJPY, AUDJPY, CHFJPY and NZDJPY. These pairs have a strong positive correlation of up to +86% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 100.00
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