14 August 2015, USD/JPY
USD/JPY is expected to continue trading with a bearish bias. The pair maintains a downward trend on an intraday basis being resisted by its previous day's key level 124.60. The pair tested the key level yesterday, before continuing down with the first stop at 124.27, and the second step at 124.27. Moreover, the intraday Stochastic stands bearish below its neutrality level of 50. In an alternative scenario, the pair may move upwards to test its previous day's key level 124.60 and even go further to test the trendline resistant.
the pair is trading below its previous day's key level. it is likely it will continue trading in a lower range as long as it remains below this level. As long as the pair remains below its key level 124.60, short positions are recommended, with a stop at 124.07. Alternatively, we can wait for price to retrace back to 124.60, before executing a sell order.