Here is a new setup for the USD/JPY (showing great support yet again) on the hourly. I'm going to see if the pitchforks will have a "sqeezing" effect on price and finally cause a breakout or just continue to range. A series of higher highs and lows on the hourly candles leading into the New York session should confirm that this effect is taking place (if price doesn't break outside either of the lines before that time).
The use of this new setup with the 4HR chart posted beneath it should give great guidance as time move forward. I will still monitor the range setup for this pair as well.
Well, it looks like the breakout finally happened. I wasn't 100% certain what point to use as a bottom for the range price had traded in over the last several days. I originally used the low to the left of the bottom arrow. It turns out that it should have been the first low made in the range. Price will eventually tell you if you are correct or not, that's for sure.
Here is how the other charts are looking for this pair. I hope someone was able to benefit from them. The sqeeze worked on the hourly, although not exactly the way I thought it might.
As I said in the post regarding this chart, there were a few pitchfork drawings to pick from. I tested some of the others again and found that price reacted strongly to the outer line so I'm going with this one. The only adjustment made is a horizontal shift to the adjacent low for the reference point used for the middle line.
