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USD/JPY: Candlesticks Reveal Long Entry Setup

USD/JPY: Candlesticks Reveal Long Entry Setup

2010-07-21 01:14:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Long at 87.11, Targeting 88.80

USDJPY has confirmed an Inverted Hammer reversal signal with a strong bullish close on the following day’s candle. Positive RSI divergence further bolsters the case for an upside scenario. We will look to enter long at 87.11 in line with our fundamental outlook, initially targeting the 38.2% Fibonacci retracement of the 6/4-7/16 decline at 88.80. A stop-loss will be activated on a daily close below the 7/16 wick low at 86.26.

072110 JPY


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