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USD/JPY Technical Analysis For 13th October 2015

13 October 2015, USD/JPY

USD/JPY Technical Analysis For 13th October 2015
Technical View:
USD/JPY is currently trading with a bearish bias. The pair is currently trading along a very significant supportive trend line. We expect the pair to bounce of from the trend line, otherwise short positions will only be ideal if the price close below 118.41. If the pair bounces at this trend line, then long positions will be ideal but with stops at 119.90, and the next stop at 120.039. This pair is strongly positively correlated to HKD/JPY and and GBP/JPY, thus they are expected to move in the same direction.

Trade Recommendations:

If you haven't sold the pair already, wait and sell below the supportive trend line, with stops at 118.41, and the next stop at 116.15. in case of a clear bounce along the support trend line, buy with stops at 120.03, and the next stop at 120.25.

Graham Osano
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