Day: January 22, 2012

USD/JPY Horizontal Channel on Daily Chart

A channel pattern has formed on the daily chart of the USD/JPY currency pair. While it’s not exactly horizontal, it can be traded as such without a problem because the slope is almost unnoticeable. The price has touched both top and bottom borders of the channel 3 times. I set my entry stop orders (cyan lines) at borders (yellow lines) + 10%: 78.39 for long and 76.40 for short. The targets (green lines) are […]