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
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