The USDJPY has recently broken out of the tight range it had been trading in. Price had been struggling along at recent lows, being contained by the range high and low.
Price has now broken out higher and begun a new trend. The best play in recent times has been to sit and wait for the market to make a clear break out which it has now.
Trading with the trend is often the best play, and for traders looking to enter with the trend on the USDJPY they can look for pull-backs lower into near term support.
USDJPY DAILY CHART – 26 OCTOBER 2012
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