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USDJPY Technical Analysis For 17th November 2015

17 November 2015, USD/JPY

Technical View:
USD/JPY is currently trading with a bullish bias. The pair tested the lower support trend line, as previously forecasted but could not close below it. We expect the level 122.38 to mark the beginning of wave (5). Ideally, the current upward movement should therefore continue probably up to 122.59 before we can take our profits. Traders trading this pair should observe other pairs such as HKD/JPY, EUR/HUF, and CAD/JPY for positive correlation. These pairs have very strong positive correlation of up to +0.98, and are thus expected to move in a similar direction. Only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain long in this pair but with targets at 122.59 and the resistive upper trend line.

Graham Osano
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