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USD/JPY Technical Analysis For 17Th September 2015, H4

17 September 2015, USD/JPY

Technical View:
USD/JPY is currently trading with a Bulish Bias. The pair bounced off from a key level 119.34, and is currently trading long, as long as the pair trades below 121.36, long positions are ideal but only upto 122.011, any clear movements will signal further movements to the upper side. Traders trading this pair should observe other positively correlated pairs such as USD/HKD, NZD/JPY, HKD/JPY, GBP/JPY, CAD/JPY and AUD/JPY. Therefore, only buy or sell USD/JPY if more than half of these pairs are giving the same signal. These pairs have a had a strong positive of up top +0.98 with USD/JPY, this level correlation is expected to continue today.

Trade Recommendations:

Buy the pair above 121.45, with a stop at 121.96, and the next stop at the resistance trendline.

Graham Osano
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