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USDJPY: Staying Long as Prices Hit First Target

USDJPY: Staying Long as Prices Hit First Target

2012-06-22 06:11:00
Ilya Spivak, Head Strategist, APAC
Share:

Strategy: Long at 78.96, Targeting 79.69

Floating Profit / Loss: +148 pips

We entered long USDJPY at 78.96 after prices put in a bullish Piercing Line candlestick pattern on a retest of falling trend line resistance-turned-support set from mid-March. The pair has now met first objective with a close above 79.69 and we will now aim for the next upside barrier at 80.94, marked by the 38.2% Fibonacci expansion. We will likewise trail our stop to breakeven, to be triggered on a daily close below 78.96.

USDJPY_Staying_Long_as_Prices_Hit_First_Target_body_Picture_5.png, USDJPY: Staying Long as Prices Hit First Target

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

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