16 September 2015, USD/JPY
USD/JPY is currently trading with a bearish Bias. The pair traded slightly above the key level 120.49, but ended up closing below it. As long as the pair trades below this level and also below the resistance trend line, short positions with stops at 116.14. In an alternative scenario, should the current wave rally upwards and end up closing above 120.68, then long positions should be reconsidered. This pair is highly positively correlated with other pairs such as NZD/JPY, CAD/JPY, and AUD/JPY. Therefopre, if you are looking forward to trading this pair, then have a birds eye view on these pairs, only buy or sell if all the other pairs are giving the same signal.
Wait for the current wave to rally upwards and close 120.52, or 120.98, then sell, but only sell with stops at 118.86, and the next stop at 116.14.