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USD/JPY Technical Analysis For 21st September 2015, H4

21 September 2015, USD/JPY

Technical View:
USD/JPY is currently trading with a bullish bias. the pair failed to reach our target low of 118.37 but instead retraced from 118.83. Although the current move is pretty much bullish, we expect that, the course of the week, the downward movement to continue down probably to close below wave (c) or even lower. Traders trading this pair should observe other pair such as NZD/CAD, EUR/AUD, and AUD/CAD. These pairs have had a strong positive correlation of up to +0.96, this correlation is expected to continue.

Trade recommendations:

Wait and buy above 120.26, or sell at 121.32, any movements above 121.32 will signal further movements to the upper side.

Graham Osano
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