Last week, perfectly as previously forecasted, the impulsive wave (5) declined intensely and is still pretty much bearish both on the daily and the weekly charts. Today and in the next few days, we expect further drop in value and may break below 104.45 towards 100.00 or even lower. As far as we're concerned, this pair is still very bearish and only short positions looks more ideal, however, if the price can break above 108.05, then we'll expect another break above 108.65 to confirm a possible bullish price rally towards 111.17 or even higher. This pair should be traded alongside CADJPY, CHFJPY and NZDJPY. These pairs will have a similar price action today.
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