USDJPY – Down
Recently, the US Dollar bounced off from the resistance zone 110.40-110.30 and is currently heading to the lower side, we expect further momentum to the lower side and should break below 108.40 towards 104.00 or even lower. According to the 4 hour chart and the daily charts, a short position with an ultimate target at 104.00 looks more ideal and can recommended. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY and NZDJPY. These pairs have a strong positive correlation of up to +53% and will move in the same direction today. Only buy or sell the US Dollar if the other positively correlated pairs are giving the same signal.
Remain short with an ultimate target at 104.00.
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