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USDJPY Technical Analysis For 22nd October 2015

22 October 2015, USD/JPY

USDJPY Technical Analysis For 22nd October 2015

Technical View:

USD/JPY is currently trading with a strong bearish bias. The pair bounced off from a very significant key pivot 120.01, and is currently trading below an important key support trend line, Since the pair could not cross below a key support 119.64, we expect a possible reversal. This anticipated upward movement is highly likely since the US Dollar index is currently on an upward movement and a positively correlated pair GBP/USD is yet to reach a key level 184.32. We will therefore look to buy USD/JPY when the the current downward movement in Pound is over at around 184.32, and 184.12.
Trade Recommendations:
If you haven't bought the pair already, wait and buy when the current downward movement in pounds is over, then buy, but with stops at 119.84, and the next stop at 119.99. However, should the price close below 119.65, then short positions should be ideal for trading.
Graham Osano
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