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USD/JPY Technical Analysis For 14th October 2015

14 October 2015, USD/JPY

USD/JPY Technical Analysis For 14th October 2015
Technical View:
USD/JPY is currently trading with a bearish bias. The pair went short and even crossed and closed below a key supportive trend line as previously forecasted. As long as the pair trades below this trend line, short positions will be ideal for trading but with stops at 119.003, and the next stop at 118.44, any movement below this level will signal further movements to the lower side probably up to 116.15. This pair is strongly positively correlated to HKD/JPY and GBP/JPY, thus they are expected to move in the same direction. Buy or sell the pair if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

As long as the pair trades below this trend line, short positions will be ideal for trading but with stops at 119.003, and the next stop at 118.44, any movement below this level will signal further movements to the lower side probably up to 116.15. This view can only be rendered futile if the pair manage to close above the support trend line, this will signal upward movements, thus buy positions will be ideal for trading

Graham Osano
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