USD/JPY Technical Analysis For 11Th September 2015, H4
11 September 2015, USD/JPY
USD/JPY is currently trading with a slight Bullish Bias. The pair traded on the higher ranges during the previous business day, but failed to close above the key level 121.64, the pair is however currently trading above the 50.0% fib level. It is anticipated that, 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 level will signal further movements towards the upper side.
Traders trading this pair should observe closely other pairs such as NZD/JPY, HKD/JPY, AUD/JPY for strong positive correlation. These pairs had a strong positive correlation of up to +0.98 and are still expected to move in the same direction. Thus, only buy/ sell USD/JPY if half of these pairs are giving the same signal.
If you haven't bought the pair already, wait for the current corrective wave rally downwards and a close at 120.49, then buy. Any movements below this level will signal further movements below.
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