19 October 2015, USD/JPY
USD/JPY is currently trading with a bullish bias. The pair bounced off from 118.44, a significant level but could not close above the upper immediate resitive trend line. We are waiting for further upward movements towards this trend line then we well with stops at 118.44, and the next stop at 116.15. In an alternative scenario, should the price close above the trend line and also above 119.75, then long positions will be ideal for trading but with stops at 120.58, and the next stop at 121.61. This pair is strongly positively correlated to HKD/JPY and AUD/CHF, thus they are expected to move in the same direction, therefore, only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.
Wait for further upward movements towards the upper resitive trend line then we well with stops at 118.44, and the next stop at 116.15