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USD/JPY: Remain Long, Targeting Advance to 88.80

USD/JPY: Remain Long, Targeting Advance to 88.80

2010-07-23 04:17:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Long at 87.11, Targeting 88.80

We bought USDJPY at 87.11 earlier this week in line with our fundamental outlook after prices confirmed an Inverted Hammer reversal signal with a strong bullish close on the following day’s candle, with positive RSI divergence further bolstering the case for an upside scenario. Our initial target lines up at 88.80, the 38.2% Fibonacci retracement of the 6/4-7/16 decline. A stop-loss will be activated on a daily close below the 7/16 wick low at 86.26.

candlesticks07222010JPY

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