18 August 2015, USD/JPY
USD/JPY is trading with a bullish Bias. The pair is likely to trade on the higher ranges as long as it remains above the key level 124.26. Long positions are therefore recommended but with the first stop at 124.87, and the second stop at the resistant trend line. Furthermore, yesterday, the pair had very weak negligible negative correlation (-0.10), with other major pairs. This negative correlation is expected to continue.
As long as the pair trades above the level 124.26, long positions are recommended but with a stop at 124.87, and a second stop at the resistant trend line. Short positions are recommended only if the price crosses downwards, and bounces again from the key level 124.26. Traders should however have a stop at 123.94 and a second stop at 123.10
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