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.
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.
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.