USD/JPY Technical Analysis For 30th September 2015, H4
30 September 2015, USD/JPY
USD/JPY continues to trade within the range 118.48 and 121.34 even as GBP struggles to close below a significant pivot level 1.51611. We anticipate that, as long GBP trades along this pivot level, USD/JPY will continue to trade within this range, these two pairs are moderately negatively correlated, thus any clear break below the pivot level will signal a break a break out of the range in USD/JPY. USD/JPY is strongly Positively correlated to HKD/JPY and CAD/JPY, thus they are expected to move in a similar direction. Only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.
Buy above 121.34, with stops at 122.53, and the next stop at 123.72. Sell below 118.48, with stops at116.18.
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