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USD/JPY Technical Analysis For 31st August 2015, H4

31 August 2015, USD/JPY

Technical View:
USD/JPY is currently trading with a bullish Bias. The pair successfully bounced off from the 50.0% fib level. As long as the pair trades above this level, long positions are recommended but only up to the 63.8% fib level. Any movements above the 63.8% fib level will signal further movements ahead up to the now resistance trend line and even to the key resistance level 123.10 However, should the price close below the 50.0% fib level, short positions are recommended but with an ultimate stop at 116.217. Any movements below the level 115.49 will signal further movements below. Traders trading this pair should also observe other pairs such as USD/CAD, NZD/CAD, AUD/CHF, AUD/JPY and US dollar index for positive correlation(they all moved in the same direction during the previous week).

Trade Recommendation:

If you haven't bought the pair already, wait for the pair to bounce off from the 50.0% fib level. But if the current wave should rally and close below the the 50.0% fib level, then sell positions are recommended but only up to the 116.217.

Graham Osano
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