Look for breakout when in a tight range: USDJPY
Check out the tight range that USDJPY has been in the past 6 daily candles. Whenever I see a tight range like this I set some sms alarms so that my cell phone will alert me when the range breaks out. Because, whenever this range breaks it will be a large move, probably on all yen pairs. On the daily chart, USDJPY has been hitting the resistance at 108.60 which is the 31% retracement of the Jan08 move down. Support has been holding at 107.50. So whenever either of these prices give way, look out! www.alertfx.com is where I set up sms alarms for my cell. Good trading!