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USDJPY: Looking to Enter Long on Downswing

USDJPY: Looking to Enter Long on Downswing

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Long

The momentum behind the breakneck bullish USDJPY reversal has been nothing short of spectacular, offering very little by way of entry opportunities on the way higher. At this point, we will look for at least a brief retracement as prices test resistance at 80.40, formerly a major multi-month support level, to look for compelling opportunities to initiate a long position.

USDJPY_Looking_to_Enter_Long_on_Downswing_body_Picture_5.png, USDJPY: Looking to Enter Long on Downswing

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

To contact Ilya, e-mail ispivak@dailyfx.com. 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 ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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