20 August 2015, USD/JPY
USD/JPY is trading with a bullish bias. the pair is trading above a significant support trend line, and support level 123.60. As long as the pair trades above the support trend line, long positions are recommended but with a stop at 124.56. In an alternative case, should the price breakout below the support trend line and also below the support 123.60, then short positions are recommended but with a stop at the 123.002, this downward movement is supported by the fact that, during the past few days, the pair has had very strong negative correlation of -0.93 with the other major currencies EUR and GBP.
As long as the pair trades above the support trend line, long positions are recommended with a SL at 124.56. Should the rate cross and close below the support trend line short positions are recommended.