Forex Analysis: USDJPY Long Trade Profits Booked
Final Profit / Loss: +78 pips
We entered long USDJPY at 78.67 and booked the trade after prices closed below our revised stop-loss at 79.53. The pair has now broken below rising trend line support set from late September to challenge the 38.2% Fibonacci retracement at 79.31. A push below that targets the 50% level at 78.89. Trend line support-turned-resistance is now at 79.92. A reversal back above that exposes long-term horizontal resistance at 80.54. A clear trade setup is not apparent at this point and we will wait for something more compelling to re-establish a position.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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