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USDJPY: Candles Hint Rally Preparing to Resume

USDJPY: Candles Hint Rally Preparing to Resume

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Long

USDJPY put in a bullish Piercing Line candlestick pattern above support at 81.86, hinting a move higher is ahead. We will look for confirmation on a break above 83.15-83.19 at the confluence of a horizontal pivot level, the 38.2% Fibonacci extension and the top of a falling channel set from mid-March as confirmation before entering long.

USDJPY_Candles_Hint_Rally_Preparing_to_Resume_body_Picture_5.png, USDJPY: Candles Hint Rally Preparing to Resume

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

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