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USDJPY: Long Trade Triggered Below 79.00

USDJPY: Long Trade Triggered Below 79.00

Ilya Spivak, Head Strategist, APAC

Strategy: Long at 78.96, Targeting 79.69

USDJPY put in a bullish Piercing Line candlestick pattern on a retest of falling trend line resistance-turned-support set from mid-March, hinting a move higher is ahead. We will enter long here, aiming for an initial objective at 79.69 marked by the 23.6% Fibonacci expansion (to be revised higher if the pair breaches the level on a daily closing basis). A stop-loss will be activated on a daily close below 78.60, the June 15 low.

USDJPY_Long_Trade_Triggered_Below_79.00_body_Picture_5.png, USDJPY: Long Trade Triggered Below 79.00

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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