Quick Scalp - Although I'm not too fond of the current candles - there is potential for a double top here with a break below 1.655/1.65 to open the door to 1.653/1.6525.
At the same time should this break the lower ends of 1.65 could provide new buying opportunities. As momentum appears to favour the upside.
Expanding on the trend this pair looks to be quite...
In this trade we can play it a few ways. Break the Rectangle and aim for the rect height as take profit levels (break up/break down) alternatively if US budget/debt issue worsens YEN is the RISK OFF trade then perceive this as a double top.
In either case look for a clear break of the rectangle before making the breakout trade.
Playing the bounds:
The play is here is the channel -> Although it's a sliding channel the major disruption or breakout should be resolution in the US budget/debt ceiling.
So in this case we'll buy the lows of the channel and take profit each time we reach the channel top. In the case of US resolution hold the trade and TP at 134-135 levels.
*Important note should we reach 16/17th...