TradingMax

Channel breakout timing

FX:USDJPY   U.S. Dollar / Japanese Yen
I am sure many of you have been tracking this channel and trading inside it. The question is when it will break? There are no major news set for today (30/01/2015), the last trading day of the week and month, so I would expect the lower boundary to hold.

Potential trades:

1) Buy in the region of 117.35-50 aiming for 118.40-50. Stop loss 117.10 or 116.8 (could even reverse the trade to go short into trade 2)
2) Sell on the breakout of the triangle downwards around 117.10 (potential retest around 117.35 so keep the SL above). Target 116.05.
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Yep, I'll be buying at 117.41, but ready to reverse if it starts falling
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