USD/JPY Technical Analysis For 9Th September 2015, H4
09 September 2015, USD/JPY
USD/JPY is currently trading with a Bullish Bias. The pair closed above the 38.2% fib level, and is currently trading towards the 50.0% fib level. As long as the pair trades below the 50.0% fib level, long positions are recommended but with the first stop at the 61.8% fib level and the next stop at the resistance trend line. Traders trading this pair should observe closely the US Dollar Index, and NZD/JPY for positive correlation. Only buy or sell USD/JPY if the US Dollar and NZD/JPY is giving the same signal. These pairs have a strong positive correlation of up to +0.96, and this correlation is expected to continue.
If you haven't bought the pair already, then buy above the 50.0% fib level, or wait for the current wave to rally downwards and buy at the key level 119.67. Any movement below this level will signal further movements below but only up to the key level 116.13.
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