07 September 2015, USD/JPY
USD/JPY is currently trading with a Bearish Bias, the pair traded with lower lows but failed to reach a key support 116.19 and is is currently trading below 38.2% fib level. as long as the pair trades below this fib level, short positions are recommended. Traders trading this pair this week should sell but only up to the level 118.45 and the next level at 116.19. Any movements below this level may signal further movements below. As a caution, traders looking to trade currencu correlation shoild also observe other pairs such as NZD/JPY, GBP/USD, GBP/JPY, EUR/JPY, CHF/JPY, CAD/JPY, AUD/USD, AUD/CHF, AUD/JPY and The US Dollar Index for positive correlation. Only buy or sell USD/JPY if more than half of the above pairs are giving the same signal.
Traders selling this pair should sell, but up to 116.19, any movements below this level will signal further movements upwards.