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