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USDJPY: Pullback to Offer Long Entry

USDJPY: Pullback to Offer Long Entry

2012-03-23 04:47:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Long

As we suspected last week, USDJPY pulled back after completing a bearish Harami candlestick pattern. The pair is now testing support at 82.25, the 23.6% Fibonacci retracement after breaking rising trend line support set from early February. We will look for signs that the downward correction has run out of steam to enter long. Immediate resistance is at 82.98 while a break downward exposes 81.06.

USDJPY_Pullback_to_Offer_Long_Entry_body_Picture_5.png, USDJPY: Pullback to Offer Long Entry

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

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

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