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USDJPY: Staying Long as Sideways Trade Persists

USDJPY: Staying Long as Sideways Trade Persists

2012-07-13 10:17:00
Ilya Spivak, Head Strategist, APAC
Share:

Strategy: Long at 78.96, Targeting 80.38

Floating Profit / Loss: +27 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 briefly nudged our second target at 80.38 and reversed lower to settle in a narrow range. We will continue to hold long, looking for upward resumption to bring the pair higher once again. As before, the stop-loss will be triggered on a daily close below 78.96.

USDJPY_Staying_Long_as_Sideways_Trade_Persists_body_Picture_5.png, USDJPY: Staying Long as Sideways Trade Persists

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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