News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USDJPY: Holding Long into FOMC

USDJPY: Holding Long into FOMC

Ilya Spivak, Head Strategist, APAC

I 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, hinting a move higher is ahead. I am expecting the Federal Reserve will hold off on QE3 today, which will push the pair higher. As such I will remain long, aiming for an initial objective at 79.69 marked by the 23.6% Fibonacci expansion (to be revised higher if the pair breaches the level on a daily closing basis). A stop-loss will be activated on a daily close below 78.60, the June 15 low.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES