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Strategy: Long at 78.96, Targeting 79.69
USDJPY put in a bullish Piercing Line candlestick pattern on a retest of falling trend line resistance-turned-support set from mid-March, hinting a move higher is ahead. We will enter long here, aiming for an initial objective at 79.69 marked by the 23.6% Fibonacci expansion (to be revised higher if the pair breaches the level on a daily closing basis). A stop-loss will be activated on a daily close below 78.60, the June 15 low.
Daily Chart - Created Using FXCM Marketscope 2.0
--- 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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