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USD/JPY Technical Analysis For 27th August 2015, H4

27 August 2015, USD/JPY

Technical View
USD/JPY is currently trading with a bearish Bias. The pair is reluctant to reach our key level 120.65, while the US dollar index is already trading above the Resistance 94.95. Although the pair is bearish right now, the current wave rallying down is expected to be short lived up to may be 119.55, or 118.399. Traders willing to buy this pair should therefore look for potential buy signals at this levels. However, should the price move upwards and close above the 50% fib level, long positions are recommended. Note that the 50% fib level could also act as a key resistance level and may reverse the market, so ensure you check the US dollar index and ensure that, its also showing a sell signal at the same time USD/JPY is giving a sell signal at the 50% fib level.

Trade Recommendations

If you've not bought USD/JPY already, then buy it above the 50% fib level, or wait for it to bounce from 119.55, or 118.399 support levels. Any movements below 118.399 will signal further movements downwards to 116.143.

Graham Osano
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