It looks to me like the USD/JPY pair is getting ready to make a move. It will break out of the channel it is in and either run away from the 800 sma or push through it and go higher. Which one? Who knows? I'll buy on a close above the upper channel line and sell on a close below the lower line, both on the hour chart. I'll move to break even at +50 pips and we'll see where it goes from there. If it goes up, there is some resistance at the 99.50 level and I'd look at that as a profit target. If it goes lower, it could go as far as 94.00. Either way, there are a lot of pips to catch. I'll keep you posted.Happy Trading!
