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USDJPY Technical Analysis For 21st October 2015

21 October 2015, USD/JPY

USDJPY Technical Analysis For 21st October 2015
Technical View:
USD/JPY is currently trading with a bullish bias. The pair went long and even crossed above a very significant trendline and is currently trading above it as previously forecasted. We expect this trend line to now act as a support to push the price even further up. Thus, we encourage buy positions with stops at 120.58, and the ultimate stop at 121.616, in case the price should close above the latter, then long positions will be ideal since the pair is currently within an equilibrium zone not going below 118.44 and above 121.616. This pair is strongly positively correlated to USD/CHF and HKD/JPY, thus they are expected to move in the same direction, only buy or sell the pair if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Wait for a corrective move back to the now support trendline, then sell but with stops at 120.58, and the ultimate stop at 121.616. Any movements above 121.616 will signal further movements to the upper side. This view can only be challenged if the price manages to close below the support trend line and also below 119.74

Graham Osano
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