USDJPY: Long Trade Triggered on Fib Break
Strategy: Long at 81.09, Targeting 81.83
USDJPY put in a bullish Piercing Line candlestick pattern at the bottom of a falling channel that had guided the pair lower from April’s swing top, then followed through with a break above the formation’s top as well as the 23.6% Fibonacci retracement of the same move lower at 80.96. We will enter long from here, initially targeting the 38.2% Fib at 81.83. A stop-loss will be activated on a daily close below 80.74.
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