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USD/JPY Technical Analysis For 28th August 2015, H4

28 August 2015, USD/JPY

Technical View:
USD/JPY is currently trading with a bullish Bias. The pair is currently on a corrective move downwards but trading above the 50% fib level. As long as the pair trades above this fib level, long positions are recommended but with a stop at the 61.8% fib level. Any movements above this fib level with signal further movements ahead. Traders trading this pair should observe closely the US dollar index, the two are highly positively correlated. Only sell or buy the pair if the US Dollar Index is giving the same signal, but the EUR/USD and GBP/USD should give an exact opposite signal of what is happening in the US Dollar Index. The two latter pairs are highly strongly negatively correlated to US Dollar index.

Trade Recommendations:

If you haven't bought the pair already, wait for the current corrective wave to rally back to the 50% fib level, then buy. However, should the price cross and close below the level 120.49, short positions should be considered. Any movements above the 61.8% and the upper trend line will signal further movements above.

Graham Osano
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