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.