USDJPY: Looking to Re-Enter Long Trade
Strategy: Pending Long
Total Profit / Loss: -34 pip
We initially entered long USDJPY at 81.09 and revised our stop-loss and target higher after prices met their initial objective. The position was closed with a small loss following last week’s reversal but we continue to see the overall bias as bullish, with current weakness amounting to a correction rather than a trend change. Interim support has been found just above 80.57 – the 61.8% Fibonacci retracement of the 5/5-5/19 advance – and we will look for signs that bearish momentum has run its course to re-enter long in the coming days.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.