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USD/JPY Technical Analysis For 23rd September 2015, H4

23 September 2015, USD/JPY

Technical View:
USD/JPY is currently trading with a bearish Bias. The pair continues to trade within the range 121.64 and 118.58 despite the breakout witnessed on GBP/USD. As long as the pair trades within this range, traders are advised to wait for a clear breakout either below or above the range. We may also buy or sell along the range lines depending on how clear the price action is at such levels. Traders trading this pair should observe other pairs such as HKD/JPY for strong positive correlation and EUR/AUD for strong negative correlation of up to -0.96.

Trade Recommendations:

Either but above 121.64, or wait and sell below 118.58, but with a stop at 116.118. Any clear movements below 116.118 will signal further movements to the lower side

Graham Osano
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