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USDJPY: Waiting for Confirmation to Get Long

USDJPY: Waiting for Confirmation to Get Long

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Long

USDJPY put in a Bullish Engulfing candlestick pattern above support at 78.88, the August 4 intervention closing high, but prices have failed to overcome falling trend line resistance set from mid-March (now at 79.78) to confirm an upward reversal in at hand. We will stand side for now, waiting for this barrier to be breached on a daily closing basis before attempting a long position.

USDJPY_Waiting_for_Confirmation_to_Get_Long_body_Picture_5.png, USDJPY: Waiting for Confirmation to Get Long

--- 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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