We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Mixed
Gold
Bearish
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Breaking news

ECB leaves all rates unchanged in line with expectations

Real Time News
  • $USDCAD had shot-up to test resistance in a prior zone of support after the Friday employment releases, and sellers have since come back to re-test monthly lows following yesterday’s #FOMC rate decision. More from @JStanleyFX here:https://t.co/QuRR2gnJT8 https://t.co/EnGJyGzOIG
  • US 30-Year Bonds Draw 2.307% Primary Dealers Awarded: 15.5% Direct Bidders Awarded: 21.1% Indirect Bidders Awarded: 63.4% B/C Ratio: 2.46
  • LIVE NOW: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • here we go, starting now -> https://www.dailyfx.com/webinars/643096611 https://t.co/bNQQ0K2hwF
  • LIVE IN 5 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Trump to discuss China trade issues with advisers this afternoon -BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.67%, while traders in France 40 are at opposite extremes with 77.30%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tfwztUY3jx
  • LIVE IN 15 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • BOC's Poloz: - Some regions continue to struggle in Canada - Insidious effect from trade uncertainty $CAD
  • BOC's Poloz: - Household debt is the most important vulnerability to financial system - Low rates globally are likely to continue $CAD
Forex Analysis: USDJPY Stop Revised Amid Pullback

Forex Analysis: USDJPY Stop Revised Amid Pullback

2012-10-26 10:56:00
Ilya Spivak, Sr. Currency Strategist
Share:

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.

Forex_Analysis_USDJPY_Stop_Revised_Amid_Pullback_body_Picture_5.png, Forex Analysis: USDJPY Stop Revised Amid Pullback

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.