Forex Analysis: USDJPY Stop Revised Amid Pullback
Strategy: Long at 78.67, Targeting 80.39
Floating Profit / Loss: +114 pips
We entered long USDJPY at 78.67. Prices are now pulling back to retest the 38.2% Fibonacci retracement at 79.81, with a break below that exposing resistance-turned-support at 79.53. We will continue to hold long for now but revise our stop-loss higher to be triggered on a daily close below the latter level, locking in some gains. Our objective remains a close above the 80.39 level.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE