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USD/JPY Technical Analysis For 9th October 2015

USD/JPY Technical Analysis For 9th October 2015 | 09 October 2015

09 October 2015, USD/JPY

Technical View:
USD/JPY continues to trade within the range 121.616 and 118.41 in spite of the breakout involved in the other positively correlated pairs. We are waiting for a clear break out either above or below the range to mark the end of the long term consolidation. Buy positions are thus recommended along 118.41, and also above 121.616, whilst sell positions are recommended along 121.616, or below 118.41. This pair is highly positively correlated to NZD/JPY and HKD/JPY, thus only buy or sell the pair if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

We are waiting for a clear break out either above or below the range to mark the end of the long term consolidation. Buy positions are thus recommended along 118.41, and also above 121.616, whilst sell positions are recommended along 121.616, or below 118.41.

Bob Stan
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