I got back involved in this pair Friday, when it failed at the hourly, 50 day simple moving average. It still looks really good to get into at this point. If a bar is put in above that moving average (black line), then it will go bid. But only if an hourly bar is clearly put in above it, or if prices are above the moving average when there’s only a few minutes left until a new hourly bar is to be put in. That’s why I would recommend a tight stop loss. Target is 131 with a trade time of around 4-8 weeks.

http://s798.photobucket.com/albums/yy266/bigmillers/?action=view&current=poundyen1.jpg

http://s798.photobucket.com/albums/yy266/bigmillers/?action=view&current=poundyen2.jpg