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DailyFX Home / Analyst Picks / Ilya Spivak

Forex Strategy: USD/JPY Position Remains Active for Now

By , Currency Strategist
07 April 2014 13:00 GMT

I entered long the US Dollar against the Japanese Yen at 102.82 after prices recovered as expected having completed a Triangle chart pattern and booked partial profits just below the 104.00 figure.

Prices recoiled sharply lower from 104.14, the 38.2% Fibonacci expansion, to test a resistance-turned-support at 103.25. A break below this boundary would expose a horizontal pivot at 102.62. Alternatively, a reversal above resistance targets the 50% level at 105.19.

I have revised the stop-loss on the remainder of our long position to the breakeven level (102.82) and will allow the trade to remain active for the time being.

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07 April 2014 13:00 GMT