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.
Breakout:
In either case look for a clear break of the rectangle before making the breakout trade.
Playing the bounds:
If playing inside the rectangle use fib levels as targets & trade with the short term bias.
Risk ON Switch:
*There is the risk of US debt/budget resolution that would RISK ON (weak Yen).
Breakout:
In either case look for a clear break of the rectangle before making the breakout trade.
Playing the bounds:
If playing inside the rectangle use fib levels as targets & trade with the short term bias.
Risk ON Switch:
*There is the risk of US debt/budget resolution that would RISK ON (weak Yen).