Forex Analysis: USDJPY Long Trade Profits Booked

DailyFX

Strategy: Flat

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.

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Forex_Analysis_USDJPY_Long_Trade_Profits_Booked_body_Picture_5.png, Forex Analysis: USDJPY Long Trade Profits Booked

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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