GBPJPY Surprise Box 25SEP08

25SEP08 0130EDT

GBPJPY has formed a clear support/resistance box between 197.41 and 194.23.  Some may use the 62 EMA for a tighter lower limit, but I prefer the wider range due to the unprecedented US financial crisis.  There are a few possible trades within the box, like trading a bounce off the 800 down to the 62 or the bottom of the box.  I am watching and waiting and not expecting to trade this pair until a clear trend has resumed or a wider channel with several trendline confirmations.

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