During the previous trading day, the impulsive wave (c) extended lower but is currently showing signs of pulling back to the upper side. We expect the current upward rally to be a mere correction of this motive wave and should not go beyond 111.95 from where we'll be looking to re buy this pair at the least risk. Ideally, as long as the level 111.95 protects the upper side, we expect a possible bearish wave count towards 104.00. At the moment, buy positions seems more risky and cannot be recommended. Expect a similar wave count in CADJPY, EURJPY, CHFJPY and NZDJPY. These pairs have a strong positive correlation of up to +81% 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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