thanks for the help but in the end nothing panned out I was thinking if there was so much resistance at that level, then a pierce through it was all it needed to break out But I was wrong
Update on my trade: I think the 1st part of the 3rd movement ended @92. If you are familiar with Elliott Wave and believe we will follow that kind of pattern you know that most of the money is ahead and not behind us.
I agree with you that the USDJPY was in a wave pattern but it really isnt anymore. The third wave never formed and looks like it will not form since the supposed third wave does not look like it will form a crest. (see attached chart) The macd indicator says the first two waves fromed but no third wave evident. It was a good idea to front run the third wave but now it is ambiguous. I think the USDJPY is stuck in the middle of a revised higher up-channel and will continue to trade tight to this trend unless something drastic happens. This makes sense because many are betting that the Japanese want the yen weaker to boost their take home from exports when booking their profits at the end of the year. Check out for the past few years the usdjpy has regularly been in an uptrend between late october to early december. This year they are just starting early since the yen is so strong.