USDJPY Looks to be in a Triangle

29 May
2012
by in Uncategorized

The USDJPY has been trading in a narrowing range over the lat few days.  It appears to be in a triangle on the 1 hr chart and could be ready to break out.  the top of the triangle is at 79.50 and the bottom is around 79.35.  A break to the top or bottom could lead to a test of either resistance at 80.15 or support at 79.

Sup   79.35              79

Res   79.55               80.15

Plan:  Follow the triangle break looking for a run to either support or resistance