Strategy: Long at 81.92, Targeting 83.48
USDJPY took out resistance at 82.01 - the 38.2% Fibonacci retracement of the 3/17-4/6 advance – as well as the upper boundary of a falling channel set from April’s swing high. A well-defined Bullish Engulfing candlestick pattern bolsters the case for an upside scenario. We will enter long from here, initially targeting 83.48. A stop-loss will be activated on a daily close below 81.26.
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