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USDJPY: Long Trade Triggered on Fib Break

USDJPY: Long Trade Triggered on Fib Break

2011-05-12 02:52:00
Ilya Spivak, Sr. Currency Strategist
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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.

USDJPY_Long_Trade_Triggered_on_Fib_Break_body_Picture_3.png, USDJPY: Long Trade Triggered on Fib Break

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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