Price is riding the trend line
from my earlier chart on the Daily Timeframe
, but has not closed below it . Here, the 30 minute chart shows a triangle formation. The breakout of which , I believe will be the moment of truth for this pair. As I am writing it appears to be breaking to the upside, supporting the idea of a long trade entry here. I am long from 113.10 , I plan on scaling in by fibonacci sequence, he he , .1, .1, .2, .3, .5 lots and my profit target is the 115.50 area. Watch out for the sucker reversal here, I could be handing over my money to the 10% of successful traders (banks included). " I may be wrong, but I may be right... You may be right, I may be crazy.....but for all I know I may be right(-Billy Joel
Stochastics on the 1 Hour are turning up, price is breaking up out of the triangle. Japan's bankers can't speak the hawkish language everyone else is espousing and the Fed's Follies are singing good vibrations for the dollar, so the Yen
may be suppressed in the near term, so 115.50, here we go. Best Wishes to all.