manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Close
Log in

USDJPY Technical Analysis For 16th October 2015

16 October 2015, USD/JPY

Technical View:
USDJPY is currently trading with a bullish bias. The pair traded short for the better part of yesterday and even tested a key pivot level 118.44 but ended up closing above it. The pair continues to trade with the equilibrium zone 118.44 and 121.61 despite the break out witnessed in the US Dollar index. We expect a minor pull back probably up to around 118.44 before we go long, however, if the pull back should go below 118.03, and then bounce off from 188.44, from below, the short positions will be ideal for trading. This pair is strongly positively correlated to USDCHF and HKDJPY, thus they are expected to move in a similar direction, only buy or sell USDJPY is all either of the positively correlated pairs are giving the same signal.

Trade Recommendations:

Wait for a minor pull back probably up to around 118.44 before we go long, however, if the pull back should go below 118.03, and then bounce off from 188.44, from below, the short positions will be ideal for trading.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .