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USDJPY: Candles Point to Bullish Resumption

USDJPY: Candles Point to Bullish Resumption

Ilya Spivak, Head Strategist, APAC

Strategy: Long at 78.96, Targeting 80.38

Floating Profit / Loss: +75 pips

We entered long USDJPY at 78.96 and revised our stop-loss to the breakeven level after prices hit the first objective at 79.69. The pair is now showing a Bullish Engulfing candlestick pattern above rising channel support set from early June, hinting the next leg of the up move may be close ahead. We will continue to hold long, targeting 80.38 as the next objective.

USDJPY_Candles_Point_to_Bullish_Resumption_body_Picture_5.png, USDJPY: Candles Point to Bullish Resumption

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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