USDJPY: Long Trade Triggered on Channel Break
Strategy: Long at 78.67, Targeting 79.53
Prices took out resistance marked by the tops of a Triangle consolidation chart pattern and a falling channel set from late June, hinting at further gains ahead. We will enter long here, setting the August 17 close at 79.53 as the initial upside objective. A stop-loss will be activated on a daily close below 77.94.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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