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USD/JPY Technical Analysis For 17th August 2015, H4

17 August 2015, USD/JPY

Technical View

USD/JPY is trading with a bullish bias.The pair remain above its previously formed support trendline and a key level 124.001. Besides, the intraday stochastic is moving bullish above its neutral level 50. As along as the rate remains above the level 124.001, long positions are recommended. On the hand, should the price crose below the support trendline and also below the key level 124.001, short positions are recommend with the first stop at 123.525 and the second stop at 123.257.

Critical Observations

In the past week, USD/JPY had a weak, low negative correlation (-0.82) with its pair EUR/USD and GBP/USD.

Trade Recommendations.

The pair is trading with a bulish bias. As long as the price remains above the support trendline, long positions are recommended, with the first step at 124.672 and the second step at 125.079. In case the price moves above the level 125.255, further movements upwards are expected during the cause of the week

Graham Osano
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