USDJPY Friday 1AUG08: The pair had a Stochastic cross on the 1 hour but it was oversold and the candles did not cross the 200 yet. I am watching to see if the pair can cross the 200 SMA for a possible trend resumption and confirm by closing above the 62 EMA. This would be a good probe for a probing trade with the still in place upward trend. Goal 50 to 100 pips. This is a watch an wait setup for next week.
UPDATE Monday 2AUG08: I took a probing trade on a Stochastic cross and oversold candles but closed it when I saw strong upward movement for a small loss. Good call as the pair continued upward for many candles.