NZDJPY S/R Box breakout 1HR

NZDJPY surprise 15DEC08  (click to see chart) On the NZDJPY a colsolidation box has formed around the MA’s.  They are all in a range between 49.90 and 50.22.  Watch for a breakout and on a convicted candle take the trade in the breakout direction.  Initial targets = 51.15 or 48.50.  Upside secondary target = 800 MA.  We are near multiyear lows at 48.13 so be careful.  Also we are in a strong downward trending phase on the 240 and daily even though we are consolidating MA’s on the 1HR, again, caution and low risk warranted.  Scale in/out.  A bigger box would be 51.19 and 48.13

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