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Forex: USD/JPY Technical Analysis – Booking Half of Long Position

Forex: USD/JPY Technical Analysis – Booking Half of Long Position

2014-04-02 04:16:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Long at 102.82
  • Support:102.59-62 (Feb 11 close, Triangle top)
  • Resistance: 103.75-104.14 (Mar 7 high, 38.2% Fib exp.), 105.19 (50% Fib exp.)

We bought USD/JPY at 102.82, looking for the US Dollar to extend higher against the Japanese Yen after prices completed a bullish Triangle chart formation as expected. The pair is now testing above our initial objective at 103.75, the March 7 high and we will book profit on half of the position. The stop-loss on the remainder of the position will be moved the breakeven level (102.82).

A daily close above the 38.2% Fibonacci expansion at 104.14 would expose the 50% level at 105.19. The first layer of major support is in the 102.59-62 area, marked by the Triangle top and a horizontal pivot dating back to early February.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – Booking Half of Long Position

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

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