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Long USD/JPY at Market

Long USD/JPY at Market

James Stanley, Contributor

Long USD/JPY at Market

This setup is a re-entry after our last long USD/JPY limited out two weeks ago. Since then, price action in USD/JPY has been aggressively moving-higher, offering little opportunity for re-entry on longer-term charts; and short-Yen setups have been voiced elsewhere with other base currencies like GBP. The pullback from Friday of last week and Monday of this week may be offering such a setup with support showing at the 112.50-level on shorter-term charts. We discussed this support level in this morning’s Market Talk article entitled, How to Work With the Trend That Barely Bends (JPY).

Stops on the position can be set approximately 200-pips underneath current price action in the effort of getting the stop-loss below the prior swing-low; and targets can be appropriated at 115.00, 116.00, 118.50 and then 120.00.

Chart prepared by James Stanley

--- Written by James Stanley, Analyst for DailyFX.com

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

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