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USDJPY: Long Trade Triggered on Channel Break

USDJPY: Long Trade Triggered on Channel Break

2012-10-17 04:59:00
Ilya Spivak, Head Strategist, APAC
Share:

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.

USDJPY_Long_Trade_Triggered_on_Channel_Break_body_Picture_5.png, USDJPY: Long Trade Triggered on Channel Break

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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