It's just after 9.00AM here in the UK so the current trading day is 9 hours old, and yet the USD/JPY has barely moved. I know we have had the US mid-term elections, but this is ridiculous. The average trading range for the USD/JPY pair is around 62 points at the moment, and yet the trading range so far is just 7.8 points.
I'm watching this pair very closely because there could be a great breakout opportunity here. This pair has to come to life soon. We just need a 3 minute or a 5 minute candle to close outside of this range (but not too far) and then I think I will enter a trade in the same direction. One thing's for sure - the trading range will be a lot more than 7.8 points at the end of the day so there is money to be made here.
(Update: The USD/JPY has broken upwards as I write this article so I have entered a long position at 80.70 - the close of the 5 minute breakout candle. Looking to close half for 10 points and let the other half run, with R1 the second target. Stop loss is the bottom of the trading range, ie around 9 points away).
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