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USD/JPY Technical Analysis For 6th October 2015

06 October 2015, USD/JPY

USD/JPY Technical Analysis For 6th October 2015
Technical View:
USD/JPY is continues to trade within the range 121.61 and 118.44 despite the breakout witnessed last week on the US Dollar index. As long as the pair trades within this range, long positions are only ideal along 118.44, and also above 121.61, and short positions along 121.61 and also below 118.44. Any clear movements either below or above this range will signal break on the consolidation. Thus we execute a trade accordingly. This pair is strongly positively correlated to GBP/JPY and AUD/JPY, they are thus expected to move in the same direction during this intraday.

Trade Recommendations:

As long as the pair trades within the range 121.61 and 118.44, long positions are only ideal along 118.44, and also above 121.61, and short positions along 121.61 and also below 118.44

Graham Osano
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