Technical Analysis
2012/07/31
USDJPY - Choppy & Bound, Looking for Direction.
Yesterday's high was 78.56 and the low 78.11.Major support and resistance levels are 77.67 and 79.01 respectively.
For today, price direction remains uncertain and could go either way.
For conservative investors, wait until either the 78.09 support level and 78.45 resistance is breached before re-entering the market.
For traders looking to take full advantage of a breakout, consider placing a entry stop or limit order on either level.
If you enter the market following a breakout, consider attaching a trailing stop order to let profits run while limiting downside risk.
| Orientation | Entry | Target | Stop |
| FLAT - waiting for direction | Buy above 78.45
Sell below 78.09 | None | Trailing Stop |