USDJPY: Looking to Enter Long on Pullback
Strategy: Pending Long
As we suspected, USDJPY moved higher after put in a Hammer candlestick above support at 76.14. Prices have now cleared falling trend line support-turned-resistance set from May, with the bulls aiming to challenge the 38.2% Fibonacci retracement level at 79.36. Risk-reward considerations argue against entering long with prices so close to resistance and we will look for a corrective pullback to yield a buying opportunity.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.