USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded short and ended up closing below 117.50, following this downward movement, we will continue looking for short positions with targets along 116.00. This pair should be traded alongside other pairs such as SGD/JPY, NZD/JPY, GBP/JPY, and CHF/JPY. These pairs have a strong positive correlation of up to +0.86 and are thus expected to have a similar chart pattern. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.