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USD/JPY Technical Analysis For 26th August 2015, H4

26 August 2015, USD/JPY

Technical Analysis
USD/JPY is currently trading with a bullish bias. Although, the pair is currently trading below a key resistance level 120.165, based on correlation factors, we expect that the pair will move upwards and bounce off from this level. However, there are also chances that the pair may head short, but up to the level 116.14. Any movements below this level will signal further movements below. Traders willing to trade this pair should also observe the US dollar index, the latter is Strongly positively correlated to USD/JPY.
Trade recommendations

Traders willing to sell this pair should wait for sell signals at 120.165, or below the level 116.14. However, the level 116.14 can also be a potential buy zone as long as you observe buy signals at that point. As a precaution, before you buy at this level, ensure that at the same time USD/JPY is trading around 116.14, EUR/USD is trading at 1.1713, and is giving clear sell signals

Graham Osano
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