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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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