Seems like there is a consolidation in USD/JPY going into the weekend. The hourlies on Friday shows a very narrow trading range which could lead to a breakout. Both RSI and Slow Stochastics point to oversold conditions while the MACD confirms the declining velocity in shorts. Very tempted to go long on Monday but have not decided on my stops and limits yet. Will analyze the charts later today and enter my trade. Need to find out which direction the breakout (if any) is headed.
Sunday, January 14, 2007
Consolidation going on in USD/JPY?
Seems like there is a consolidation in USD/JPY going into the weekend. The hourlies on Friday shows a very narrow trading range which could lead to a breakout. Both RSI and Slow Stochastics point to oversold conditions while the MACD confirms the declining velocity in shorts. Very tempted to go long on Monday but have not decided on my stops and limits yet. Will analyze the charts later today and enter my trade. Need to find out which direction the breakout (if any) is headed.
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