English
Français
Deutsch
Español
日本語
ελληνικά
العربية
中文
Dansk
Strategy: Long at 78.96, Targeting 79.69
Floating Profit / Loss: +148 pips
We entered long USDJPY at 78.96 after prices put in a bullish Piercing Line candlestick pattern on a retest of falling trend line resistance-turned-support set from mid-March. The pair has now met first objective with a close above 79.69 and we will now aim for the next upside barrier at 80.94, marked by the 38.2% Fibonacci expansion. We will likewise trail our stop to breakeven, to be triggered on a daily close below 78.96.
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
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to 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.
