22 September 2015, USD/JPY
USD/JPY is currently trading with a bearish bias. The pair continues to trade within the range 121.72 and 118.30. As long as the pair trades within this ranges, traders should keep off trading and wait for clear breakout above this levels. Traders trading this pair should observe closely other pairs such as GBP/JPY for strong positive correlation and AUD/CAD for strong negative correlation. The latter have had a strong negative correlation of up to -0.98 and is expected to continue to move opposite USD/JPY.
Buy above 121.72, and sell below 118.30 up to the key level 116.13. In case of a clear bounce at 118.30, then long positions are ideal for trading.