USD/JPY Technical Analysis For 19th August 2015, H4 | 19 August 2015

Technical View:

USD/JPY is trading with a bearish bias. The pair is currently trading along a significant support trend line. It is anticipated that during the cause of today, the pair may likely cross this support trend line and head further down. Furthermore, this downward movements is supported by the fact that the intraday stochastic is trading below its neutral level of 50. In alternative scenario, should the price bounce from the support trend line, long positions are recommended above the key level 124.40

Trade Recommendations:

Traders should wait for a clear breakout below the support trend line before selling the pair. Stops should be at 123.79, and the next stop at 123.38.