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USD/JPY Technical Analysis For 8th October 2015

08 October 2015, USD/JPY

USD/JPY Technical Analysis For 8th October 2015
Technical View:
USD/JPY continues to trade within the range 121.61 and 118.441 despite the breakouts seen on the other positively correlated pairs. As long as the pair trades within this range, buy positions are only ideal along the lower pivot 118.441, and the sell positions along the pivot121.61. Alternatively, we will buy above 121.61, and sell below 118.44. Any clear movements either above or below this levels will signal a break in the consolidations formed from the previous week. This pair is strongly positively correlated to HKD/JPY and CAD/JPY, thus, only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

As long as the pair trades within this range, buy positions are only ideal along the lower pivot 118.441, and the sell positions along the pivot121.61. Alternatively, we will buy above 121.61, and sell below 118.44. Any clear movements either above or below this levels will signal a break in the consolidations formed from the previous week.

Graham Osano
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