The USDJPY is currently holding above minor support at 90.80 and given the look of the Hourly chart i would expect to see another attempt at the 92.00/50 region. If we fail to take out the 92.50 level (Sean mentioned earlier of solid stops above 92.55) then i am afraid we are headed back to 90.00 with possibility of an overshoot to 88.50/80. Or at least that is what i can glean from the Daily chart.
So what do we do with this information:
1. Sell in the 92.10/30 region with a stop and reverse above 92.50 (the Daily chart is telling me a break above this level should take us back to 95.00).
2. Cover your shorts at 90.30.
3. Leave buy orders at 89.50 and at 88.65 with a stop below 88.00.
Happy Yen Trading!
