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Strategy: Long at 78.96, Targeting 80.38
Floating Profit / Loss: +27 pips
We entered long USDJPY at 78.96 and revised our stop-loss to the breakeven level after prices hit the first objective at 79.69. The pair briefly nudged our second target at 80.38 and reversed lower to settle in a narrow range. We will continue to hold long, looking for upward resumption to bring the pair higher once again. As before, the stop-loss will 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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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