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USD/JPY Technical Analysis For 24th August 2015, H4

24 August 2015, USD/JPY

Technical Analysis
USD/JPY is trading with a bearish bias. The pair is current being supported at a significant key level 120.68. As long as the pair keeps closing above this level, long positions are recommended. However, should the price close below the 120.38, short positions are recommended.

Correlation analysis.

In the past business week, USD/JPY had a strong high negative correlation of -0.72 with GBP/USD and very strong negative correlation of -0.99 with EUR/USD. This downward movement may be supported by the fact that the dollar index was highly in a positive correlation with USD/JPY

Trade Recommendations

As long as the pair trades above 126.66 and above the support trend line, long positions are recommended. However, should the price close below the level 120.37 and also below the support trend line, short positions are recommended but with a stop at the support 119.27, and the next stop at 116.93. Short positions are recommended following a corrective move from 120.37

Graham Osano
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