USDJPY: Looking to Buy on Trend Line Break
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.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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