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