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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

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