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USDJPY Technical Analysis For 29th October 2015

29 October 2015, USD/JPY

USDJPY Technical Analysis For 29th October 2015
Technical View:
USD/JPY is currently trading with a bullish bias. The pair bounced off from a key support level 120.33 and is currently trading way above it. As long as the pair trades above 120.56, we still expect further upward movements probably up to above 121.616. Long positions will thus be ideal for trading since the other positively correlated pairs such as CAD/JPY, and GBP/JPY are currently bouncing off from key support levels. Ideally, we expect wave (c) to close above the upper key resistant level 121.616

Trade Recommendations:

As long as the pair trades above 120.56, long positions will be ideal for trading but with stops at 121.48, and the next stop at 121.616. In alternative scenario, should the price move below 119.94, then short positions should be reconsidered.

Graham Osano
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