USDJPY Analysis 15/01/15

FX:USDJPY   U.S. Dollar / Japanese Yen
347 2 2
Long term trend: Up
Medium term trend: Up
Significant levels: 120.00 (Significant Round Number & Resistance), 117.50 (Support)

It would be great to place a Long order right now as the price is still near the support area . Yesterday's bar was a bullish pin bar which is a signal that the market does not want to go down further. Place the stop loss below the pin bar . Take note of the significant round number. The price might consolidate a bit on that level before continuing its move.

This pair is clearly in an uptrend. It's just a matter of looking for an opportunity to go Long. Trade well.
Would like to see the upward trend remained intact!
The upward trend is likely to hold. It's just a matter of, when will the price return back to its trend after it made a short term retracement. That should be near our support area.
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