Can very easily have a 150 or even 200pip move in e/u today!
USD/JPY and AUD/JPY in Breakout Trade Set ups – Projections
New High: In the 4H USD/JPY chart, we see the market consolidating, with a slightly rising support. The market was trading in the middle of this consolidation to end last week (2/22). To start this week during the 2/25 Asian session, the USD/JPY popped up above the consolidation high of 94.45, but retreated so far ahead of the European session. If the breakout extends, the immediate next key level to monitor is the 95.00 handle, 2007 pre-crisis high. A more aggressive target would be the width of the range (close to 250 pips). That projects to about 98.00. False break? The breakout to the upside looks weak, but could remain valid UNLESS a ... (full story)
- Posted: Feb 25, 2013 7:48am
- Submitted by:Category: Technical AnalysisComments: 1 / Views: 1,814