USDJPY: Long Trade Triggered on Channel Break

By Ilya Spivak, Currency Strategist

Strategy: Long at 78.67, Targeting 79.53

Prices took out resistance marked by the tops of a Triangle consolidation chart pattern and a falling channel set from late June, hinting at further gains ahead. We will enter long here, setting the August 17 close at 79.53 as the initial upside objective. A stop-loss will be activated on a daily close below 77.94.

http://www.dailyfx.com/forex/technical/candlesticks/usd-jpy/2012/10/17/USDJPY_Long_Trade_Triggered_on_Channel_Break.html