ChaosTrader63
Long

USD vs JPY Amidst US Debt Deal

FX:USDJPY   U.S. Dollar/Japanese Yen
205 0 1
With the US Debt Deal looming now is probably a time to sit with hands folded waiting to see what happens with the debt deal. The outcome will surely affect how the USD trades in the next few hours or days. With that in mind and sticking to the technicalities of the pair I am looking at an opportunity to take a long position. We are looking at a 4 hour chart here but on the daily chart you would see the pair has be in a symmetrical triangle since roughly 5-22-13 where the pair topped out and started the top of the triangle. Since then it's been an indecisive pair making lower highs and higher lows and no real sense of direction. Prior to this triangle pattern the pair has mad a strong bullish run up from 75.697 to the top at 103.726
At this time price has just broken out from between the 100 & 200 SMA and is sitting right above the 200 SMA at 98.650. Just below the 200 MA we have support from the previous week high @ 98.585 so we are above support and with the talk of a new deal being implemented that could help out our trade. Have a great trading day and God bless!
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