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USDJPY: Pullback Sought to Enter Long Trade

USDJPY: Pullback Sought to Enter Long Trade

2012-06-08 03:14:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Long

USDJPY followed a Bullish Engulfing candlestick pattern with a break through resistance at a falling trend line set from mid-March, hinting an upward reversal may be in the works. Risk/reward parameters are not ideal to enter long with prices positioned just ahead of resistance at 79.65, the 23.6% Fibonacci expansion. We will wait for either a pullback to re-test the trend line (now squarely at the 79.00 figure) or a daily close above resistance to look for a more compelling setup.

USDJPY_Pullback_Sought_to_Enter_Long_Trade_body_Picture_5.png, USDJPY: Pullback Sought to Enter Long Trade

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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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