USDJPY: Holding Long as First Target Nears
Strategy: Long at 78.67, Targeting 79.53
Floating Profit / Loss: +60 pips
We entered long USDJPY at 78.67 as prices took out resistance marked by the tops of a Triangle consolidation chart pattern and a falling channel set from late June. The pair is making headway higher as expected and we will remain long, initially targeting the August 17 close at 79.53. 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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