I entered long USDJPY at 78.67. Prices are now pulling back to support in the 79.53-60 area marked by the August 17 close and the 23.6% Fibonacci retracement. A break below that exposes the 38.2% level at 79.13. I will continue to hold long for now but revise the stop-loss higher to be triggered on a daily close below 79.53, locking in some gains. The objective remains a close above the 80.39 level (which would expose the 81.00 figure as the next key barrier).
Forex Analysis: Staying Long USDJPY for Now
2012-10-29 11:20:00
Ilya Spivak,
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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