Strategy: Pending Long
Last week we identified a bullish Inverted Hammer on the USDJPY weekly chart. The candle appeared just above the 80.00 figure, the bottom of the range that has confined prices since early October 2010, and we suggested confirmation was needed on a convincing bullish close to reinforce the signal. That has now materialized and we will look for a daily close above falling trend line resistance established from the 5/19 wick high as the final bit of evidence needed before entering long.
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