USDJPY Technical Analysis For 6th November 2015
06 November 2015, USD/JPY
USD/JPY is currently trading with a slight bearish bias. The pair traded long as previously forecasted but could not closer above 122.047. The pair is currently on a downward corrective move towards 121.44. We are looking to buy this pair from 121.45, but with our stop loss at 121.306. However, should the price close below 121.22, then short positions will be ideal for trading. This may likely be the case since a positively correlated pair GBP/JPY is already going short, and another positively correlated pair HKD/JPY is bouncing off from a key resistant level 15.72. Ideally, we expect wave (c) to be closing above 122.047 in USD/JPY.
Trade Recommedations: Buy from 121.45, but with stop loss at 121.306. However, should the price close below 121.22, then short positions will be ideal for trading.
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