USDJPY Technical Analysis For 19th November 2015
19 November 2015, USD/JPY
USDJPY is currently trading with a slight bullish bias. We still anticipate further upward movements from wave (5). Ideally, wave (5) should close above wave (3) probably along the upper red resistive trend line at 124.90. Traders trading this pair should observe other currency pairs such as USD/CHF, HKD/JPY, and GBP/JPY for positive correlation. These pairs have a strong positive correlation of up to +0.95 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.
Wait for the current minor corrective move to reach the lower supportive trend line, then buy but with an ultimate stop along the upper resistive trend line.
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