USD/JPY 29/01/2009

I entered UJ for a quick trade when the price broke out of the triangle (Red). I entered at 89.73. After that it has hit the purple channel which acted as resistance and retraced back. I will close the trade now. We can always enter again on retracement. For now, I am protecting my profits.

I am closely monitoring GBP/JPY too. I think we might have a nice shorting opportunity soon.