BabyPips.com FX-Men Team
BabyPips.com
USD/JPY: 1-hour
Breakout alert! USD/JPY’s range, the one that has been intact since early November, has finally seen a breakout yesterday. The pair touched an intraday low at 121.08 and is now trading just above 121.50. With Stochastic in the oversold region, the dollar is open to a move back to the 122.30 range support (and 50% Fib) for a break-and-retest trade. A short at the levels could get you some pips if you don’t think that we’re seeing a fakeout and that USD/JPY will drop back to yesterday’s lows. Of course, you could also buy at current levels with stop losses below 121.00 if you think that the dollar would recover its pips from the yen.
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