Strategy: Pending Long
Weekly Profit / Loss: -102 pips
Total Profit / Loss: -132 pips
Our long USDJPY positionwas stopped out as prices closed below 86.26 on 8/3. Still, our fundamental outlookcalls for an upside scenario. Technically, this is reinforced by continued positive RSI divergence as well as the emergence of a Falling Wedge bullish reversal chart pattern within the boundaries of a larger falling established from April. As such, we will treat recent weakness as an opportunity to buy at a better price and look for a new long entry in the days ahead.
To discuss these strategies with other traders, please visit theCandlestick Forum
To receive future articles by email, please contact Ilya at ispivak@dailyfx.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
