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USD/JPY Technical Analysis For 13th August 2015

13 August 2015, USD/JPY

Technical View

The pair will continue trading with a bullish bias. The pair has maintained a bullish uptrend since it went lower to the low if 124.24 earlier today. Besides, the pair is trading above its yesterday's pivot at 124.27. Meaning, an uptrend is still expected up to the trend line above it. Any movements above trend line will signals further movements above with first stop at 124.70 and a second stop at 124.99.

Trade Recommendations:

The pair is trading above its previous pivot level, besides the technical indicator is already above the 80 mark. It is expected that the pair will continue with an uptrend to the resistant formed by the upper trend line, before retreating. Sell orders should be executed on the trend line as long as a clear bearish candle is seen. Buy order should only be executed above the trend line as long as a clear break out is observed.

Graham Osano
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