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USDJPY: Stay Long as Bulls Gain Traction

USDJPY: Stay Long as Bulls Gain Traction

2011-05-19 01:34:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Long at 81.09, Targeting 81.83

Floating Profit / Loss: +46 pips

We entered long USDJPY at 81.09 last week as the pair followed up a bullish Piercing Line candlestick pattern with a break above resistance at a falling channel top as well as the 23.6% Fibonacci retracement of the decline from April’s swing high (80.96). After some brief consolidation, the pair has started to pick up momentum, with prices now within a hair of our initial target at the 38.2% retracement level (81.83). We will remain long, looking for continued gains in line with our fundamental outlook. A stop-loss will be activated on a daily close below 80.74. A close above 81.83 will trigger a revision of the stop level to the break-even point and nudge the soft target level to 82.54, the 50% Fib.

USDJPY_Stay_Long_as_BUlls_Gain_Traction_body_Picture_3.png, USDJPY: Stay Long as Bulls Gain Traction

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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