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USDJPY: Hold Long on Channel Support Test

USDJPY: Hold Long on Channel Support Test

Ilya Spivak, Head Strategist, APAC

I entered long USDJPY at 78.96 looking for an advance after the FOMC opted not to launch QE3 as expectedin June, helping to support US yields relative to their Japanese counterparts. The pair has already hit its initial target at 79.69 and I am now aiming for 80.38 as the next significant level. Prices are showing a Bullish Engulfing candlestick pattern above the bottom of a rising channel set from the June 1 low, hinting at an upswing ahead. A stop-loss will be triggered on a daily close below the breakeven level (78.96).

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