USD/JPY is currently trading with a bullish bias. The pair bounced off from 120.28, and is still headed short. We still anticipate further upward movements probably above 121.47, any movements above this level will signal further movements to the upper side. But with an ultimate stop at 121.47. Traders trading this pair should observe other pairs such as HKD/JPY for positive correlation. Only buy or sell USD/JPY if the other positively correlated pairs are giving the same signal.
Remain long in this pair but with stops at 121.47, and the next stop at 112.047. This view can only be rendered futile should the price end up closing below 121.033