USD/JPY - Remains locked in an intense downtrend, with the latest setbacks below the recent trend lows at 88.00 to now unlock the critical matched trend lows from late 2008 and early 2009 by 87.15. However, with the daily RSI dipping below 30, daily studies warn that the current pullback could be nearing an end, and as such, we will look for an opportunity to buy on dips towards 87.15 over the coming session, in anticipation of a major upside reversal. STRATEGY: BUY USD/JPY @87.20 FOR AN OPEN OBJECTIVE; STOP LOSS @85.90. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET). 3X LEVERAGE.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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