USD/JPY Forecast January 23, 2012, Technical Analysis

The USD/JPY pair fell on Friday to remain in the tight range it has been sitting in for two weeks. The pair is simply “stuck”, but this only confirms the “boundaries” of which the short-term trader can trade in. The selling of a break of the Friday candle would be a play to reach the lows of the consolidation again, and something we are interested in doing. Of course, we are only aiming for about 30 pips or so as there is massive support at 76.50 or so. Because of this, we might as well take advantage of the back and forth tight range we are in currently!

USD/JPY Forecast January 23, 2012, Technical Analysis
USD/JPY Forecast January 23, 2012, Technical Analysis

Leave a Reply

Your email address will not be published. Required fields are marked *