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USDJPY: Stay Long as Prices Hit First Target

USDJPY: Stay Long as Prices Hit First Target

2011-05-24 02:35:00
Ilya Spivak, Sr. Currency Strategist
Share:

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.

USDJPY_Stay_Long_as_Prices_Hit_First_Target_body_Picture_3.png, USDJPY: Stay Long as Prices Hit First Target

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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