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USDJPY: A Bullish Breakout Taking Shape?

USDJPY: A Bullish Breakout Taking Shape?

2011-10-14 12:03:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

USDJPY positioning has been little changed since early August, with prices locked in a narrow range between 76.11 and 77.64. A bullish Long White Candle shot higher to test resistance the top of a long-standing falling channel in place since early April, but we see no actionable trade setup until a firm breakout actually materializes and will remain on the sidelines for the time being.

USDJPY_A_Bullish_Breakout_Taking_Shape_body_Picture_5.png, USDJPY: A Bullish Breakout Taking Shape?

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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