On the weekly chart, last week's candle was a possible bullish pin candle and could push the price to the upper side, however, on the 4 hour chart above, we expect a possible momentum towards 110.43, which is a clear buy place. ideally, we are waiting for a flat impulsive wave (5), which should not close below 110.43, where I'll be looking for a buy. As long as the price is contained above 110.41, chances of rising to the upper side are very high. However, should the price go below 110.43, then we expect further decline towards 108.55. This pair should be traded alongside other positively correlated pairs such as CADJPY, USDCHF, and HKDJPY. These pairs have a strong positive correlation and will move in the same direction today.
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