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USDJPY: Continue to Hold Long

USDJPY: Continue to Hold Long

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. The pair is starting to gain a bit of upward traction and 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.

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