English
Français
Deutsch
Español
日本語
ελληνικά
العربية
中文
Dansk
Strategy: Flat
Final Profit / Loss: +78 pips
We entered long USDJPY at 78.67 and booked the trade after prices closed below our revised stop-loss at 79.53. The pair has now broken below rising trend line support set from late September to challenge the 38.2% Fibonacci retracement at 79.31. A push below that targets the 50% level at 78.89. Trend line support-turned-resistance is now at 79.92. A reversal back above that exposes long-term horizontal resistance at 80.54. A clear trade setup is not apparent at this point and we will wait for something more compelling to re-establish a position.
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, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
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.
