21 August 2015, USD/JPY
USD/JPY is trading with a bearish baas. The pair is likely to trade in the lower ranges as long as it trades below the key level 122.91. We however anticipate a minor corrective rally towards 123.44. In another case, should the price manage to close above the previous upper trend line( Now potential resistant), long positions are recommended, but that is highly unlikely to happen as you'll notice on the correlation analysis.
USD/JPY has had a moderate negative correlation of -0.64 with GBP/USD, and a very strong negative correlation of -0.95 with EUR/USD.
As long as the pair trades below the key level 122.91, short positions are recommended but with a stop at the support trend line.
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