What is USDJPY doing? It seems to be creating lows after lows. The low 84.80 on 26 Nov 2009 was broken on 11 Aug 2010 and then on 24 Aug 2010 at 83.59. Would the USDJPY start to move towards its lowest low created in 1995?
The price is still within the down trend wedge that I have mentioned in the last posts on the USDJPY. I am currently standing on the side-way waiting for price to break the upper line of the wedge to enter long.
Therefore for the moment of time, I prefer to stand on the walkway and am doing nothing with regards to the USDJPY pair. In other words, I am patiently waiting for a USDJPY reversal, which I will initiate a long entry.
Happy trading....
