USD/JPY Technical Analysis For 28th September 2015, H4
28 September 2015, USD/JPY
USD/JPY is continues to trade within the range 121.33, and 118.58. As long as the pair trades within this 2759 pip range, short positions are only recommended along the 121.33 line and long positions along 118.58. any clear movement beyond this level will signal a break of the consolidation. Traders trading this pair should observe other pairs such as SGD/JPY, HKD/JPY, GBP/JPY and CAD/JPY for strong positive correlation of up to +0.96. Thus only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.
Buy at 118.58, and sell at 121.33. Alternatively, sell below 118.58, but with a stop at 116.115, and buy above 121.33 with stops at 121.74, and the next stop at 123.20.
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