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USD/JPY Technical Analysis For 18Th September 2015, H1

18 September 2015, USD/JPY

Technical View:
USD/JPY is currently trading with a bearish Bias.we expected a clear breakout below the support trend line before short positions can be recommended. Otherwise, long positions should be ideal for the better parts of this intraday trades. Basically, we expected wave (c) to upwards closing above121.74. Traders trading this pair should observe other pairs such as USD/CHF, HKD/JPY, GBP/JPY and GBP/CHF for positive correlation. Only buy or sell USD/JPY if more than half of these pairs are giving the same signal.
Trade recommendations:

Wait and sell below the resistance trend line but only up to 118.60, and the next stop at 116.18. in an alternative scenario, should the price bounce at 119.40, then long positions should be ideal.

Graham Osano
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