USDJPY Launches Higher, Looking For Breakout Pullback Setup | Nov. 21st
USDJPY – JPY Pairs Soar on Back of Abe Comments
While Abe was talking about doing more QE, the JPY pairs launched across the board with several of them jumping 200-300 pips on the day. The USDJPY is offering a few pullback setup locations to get back in long on the uptrend which we think still has room to run. In the chart below, our first location to look for longs would be the intra-day support at 100.90 which formed a short term breakout pullback setup during the day. Deeper pullbacks would then put 100.42 in focus which was the key SH (swing high) and resistance for the last 7 days. The first one is for more aggressive traders while the second plays to the more conservative trader. Upside targets are 101.52 and 103.70.
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