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Faraday: Breakout move in USDJPY

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March 16, 2015 currencies, currency, currency cross, currency market, currency markets, currency pair, currency pairs, currency strategy, currency trade, currency trading, dollar, dollar federal reserve, dollar growth, dollar high, dollar index, dollar index. dollar, dollar outlook, dollar pound, dollar rise, dollar strength, dollar trading, dollar yen, dollars, faraday research, foreign exchange, foreign exchange market, forex, forex 2015, forex 2015 outlook, forex buying, forex idea, forex market, forex market overview, forex markets, forex saxo bank, forex strategy, forex trade idea, forex trade ideas, forex trading, forex trading 2015, forextrading, fx, fx award, fx crosses, fx exchange, fx forex, fx interbank markets, fx investing, fx market, fx markets, fx options, fx saxo bank, fx spot, fx strategy, fx trade, fx trade idea, fx traders, fx trades, fx trading, fx trends, fx volatility, fxmonthly, saxo, saxo bank, saxo bank equities, saxo bank saxo tv, saxo bank trading, saxo bank trading floor, saxo bank tradingfloor.com, saxo traders, saxo trading, saxo tv, saxo tv saxo bank, saxo tv trades, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, saxotv, thomas light, trade idea, trade view, trader, traders, traders tale, traders tale saxo tv, trading, trading idea, tradingfloor, tradingfloor saxo bank, tradingfloor saxo tv, tradingfloor.com, tradingfloor.com insights, tradingfloor.com saxo tv, tradingfloor.com trade ideas, usd, usd index, usd index bull, usd jpy, usd strength, usdjpy, usdjpy currency, usdjpy trading

Thomas Light from Faraday Research highlights the potential buying opportunity in USDJPY as the market enters a period of consolidation. USDJPY consolidated after selling pressure caused a bearish pin candle to dematerialise. Last Tuesday, USD hit an 8 year high against JPY and profit taking quickly ensued. Currently prices reside within a descending channel and could experience a breakout move higher. Light provides two potential entry strategies depending on trading action throughout the week: buying at the bottom of the wedge formation around USD 120.30 or buying the break and close above the channel.