USDJPY: Looking to Enter Long on Downswing
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.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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