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Strategy: Pending Long

USDJPY is on pace to retest familiar support at the 80.09-80.28 area marked by a horizontal pivot level as well as the 50% Fibonacci retracement. A break below this boundary exposes the 61.8% Fib at 79.13. We stand aside for now and look for a daily close above falling trend line resistance set from mid-March now at 81.48 to enter long.

USDJPY_Waiting_for_Long_Entry_Opportunity_body_Picture_5.png, USDJPY: Waiting for Long Entry Opportunity

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

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