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USD/JPY Technical Analysis For 5th October 2015

05 October 2015, USD/JPY

USD/JPY Technical Analysis For 5th October 2015
Technical View:
USD/JPY is currently trading with a slight bullish bias. The pair continues to trade with the range 121.06, and 118.38. the pair went short but bounced off from the level 118.38, and is currently trading above it. We are waiting for a clear movements above the key levels forming the range before a break out of the range can be declared. As long as the pair trades within this range, long positions are encouraged above 121.06, and short positions below 118.38, with stops at 116.54. Any clear movements below this level, will signal further movements to the lower side.This pair is strongly positively correlated to NZD/JPY and GBP/JPY, thus they are expected to move in the same direction during this intraday. Thus only buy, if all the other positively correlated pairs are giving the same signal

Trade Recommendations:

As long as the pair trades within this range, long positions are encouraged above 121.06, and short positions below 118.38, with stops at 116.54. Any clear movements below this level, will signal further movements to the lower side

Graham Osano
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