Wave Analysis:
Despite our expectations that the price could rebound from 110.72 to give us a perfect sell place, the US Dollar rose above this level and is showing signs of mainlining above it. Now that the price is above this level, we expect this level to act as support to any movements to the lower side, thus, as long as it protects the lower side, we expect a possible rebound from this level to culminate into an impulsive wave count towards 114.81 and could extend even higher. If you're a bit skeptic to long this pair, you could wait for correction to lower side or a breakout above 114.81 to go long. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY and CHFJPY. These pairs have a strong positive correlation and will move in the same direction.
Trade Recommendations:
Remain long with an ultimate target at 114.81
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