USDJPY: Stay Long Through Pullback
Strategy: Long at 81.09, Targeting 82.54
Floating Profit / Loss: -1 pip
We initially entered long USDJPY at 81.09 and revised our stop-loss and target higher after prices met their initial objective. The pair failed to hold a grip on the 82.00 figure, falling through support at the bottom of a rising channel set from the May 5 swing low to meet the 38.2% Fibonacci retracement of the 5/5-5/19 advance at 81.20. As it stands, the pullback appears corrective and has not triggered our revised stop-loss on a daily close below 81.09. We will remain long, looking for upward momentum to resume as short-term headwinds from a disappointing US GDP revision dissipate.
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