AUDJPY has been in the range bound within the range of 40 pips (91.50 – 91.90) for such a long time.
Unless you are scalper, probably it should be better off to wait the trade until the break-out happens.
Note the bottom of this range seems to be very rigid – the cluster of DPP, WPP & MPP. Thus I would rather wait for Long trades.
Also I wouldn’t call it crazy to just long from the bottom, hoping the price will break the ceiling, only because the bottom is rigid.
But the textbook trade will be the break-out strategy.
YJ Baik – Forex.Today @ Tokyo