USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded short and found a support at 115.93. We are waiting for a clear close below 117.18 for us to continue short with our target at 115.93, a close below this level will mean we are headed further short to 114.63. This pair should be trade alongside other positively correlated pairs such as AUD/USD, GBP/JPY, EUR/JPY, CHF/JPY and CAD/JPY.. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price pattern. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.
Wait for a clear close below 117.18 then go short with an ultimate target at 114.63.
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.