In the final stages of its retraction, the USD/JPY makes a further push downward before it is expected to correct. Standing in a negative position today and expected to continue its bearish push to a stable price action, the pair will be most likely to correct around support level 102.13. traders are advised to trade PUT options for the rest of the day.
GBP/JPY of late has managed to become more stable in relation to other assets. Making a short uptrend today, we are expecting a downward movement to proceed shortly after. Today’s movement will be mostly bullish with a change in the trend following during the US session. Traders are advised to look for CALL options until the American session and then prepare for a bearish trend to appear.
The EUR/JPY has pulled through the loss in price quicker than most currency pairs, beating expectations. Currently forecasted as moderately bullish, we begin to see the upswing in the pair as the price action bounces off support level 140.91. looking toward today the bullish trend will likely begin its first wave of movement, with a high probability of gaining at least 15% of prior losses back. Traders are advised to trade CALL options for the remainder of the trading day.