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USDJPY: Looking to Buy on Trend Line Break

USDJPY: Looking to Buy on Trend Line Break

2012-05-14 06:34:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Long

USDJPY put in a Bullish Engulfing candlestick pattern above support at 79.53, the October 31 intervention spike high, hinting a move higher is ahead. Initial resistance lines up at 80.28. We will look for a daily close above falling trend line resistance set from mid-March, now at 80.56, to confirm a breakout has materialized before entering a long position.

USDJPY_Looking_to_Buy_on_Trend_Line_Break_body_Picture_5.png, USDJPY: Looking to Buy on Trend Line Break

--- 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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