USDJPY: Stay Long as Prices Hit First Target
Strategy: Long at 81.09, Targeting 82.54
Floating Profit / Loss: +71 pips
We initially entered long USDJPY at 81.09. The pair has now met our initial soft target with a daily close above 81.83, the 38.2% Fibonacci retracement of the decline from April’s swing high. We will now adjust our stop-loss to the breakeven level (81.09) and revise our soft target to 82.54, the 50% retracement level.
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