Two Looks at the Dollar-Yen

While the 30 minute chart of the USD/JPY heads sideways setting up a potential momentum breakout, the three hour chart is firmly trending lower.

Looking at the short and longer term time frames for set ups on each is something that continues to work for the USD/JPY.  It’s a “one-thing-leads-to-another” scenario where a short-term potential break to the upside would set up the swing short on the longer term chart.

The break to the upside would trigger as prices trade through the 93.88 level however more conservative traders would be better of waiting for the “00″ to break.

The swing short on the three hour chart would trigger at the 94.80 level as price reach a near term ceiling at the 34 EMA low.

Remember that the 30 minute chart would break higher - must break higher - before the trend follow short triggers on the three hour.