USDJPY Daily Analysis – October 27, 2014

USDJPY stays above the upward trend line on 4-hour chart, and remains in uptrend from 105.32.

Yen stackAs long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 109.50 area.

On the downside, a clear break below the trend line support will signal completion of the uptrend, then pullback to 106.50 area could be seen.

20141027_USDJPY_1

Editor’s Note: Equity investors/traders can use the Currency Shares Japanese Yen Trust (FXY, quote) ETF to take positions in the yen without a FOREX account. 

The ETF looks to track the price of the Japanese Yen (USDJPY), minus ETF fee. The fund seeks to reflect the price of the Japanese yen (USDJPY) with the shares representing a cost-effective investment relative to investing in the FOREX market.

Content curiosity of FOREXCycle