The USDJPY has been sitting in a range of about 80 pips for the last 3 weeks. We have been waiting patiently for it make a move one way or the other. Yesterday we made a move up thru the resistance level at 78.80. A further confirmation would be a close above the Daily KS at 78.92. From the looks of things The USD seems to finally be strengthening. Some decent economic news further dampens the possibility of QE3 here and we believe with worse than expected GDP #’s, and the newly passed consumption tax that the JPY could have problems moving forward. We have taken a 1 unit position here and will stop out if we break under 78 for an extended period of time. We are looking for a a Kumo cloud breakout.
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