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Strategy: Pending Long
USDJPY is testing support at 81.86, the confluence of a recent range bottom, a rising trend line set from late February, and an emerging short-term falling channel. We broadly favor a bullish bias but see no actionable entry signal at present and will stand aside for now until something more actionable emerges.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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