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The Yen has been gaining strength verses the Dollar and now it has hit a support level that seems to be holding for now. I think I am going to try a long position on this pair if I get a 1hr bullish engulfing candle.
Take a look at the 1 hr chart below and see how the pair is just hanging down there at the lower levels. That is an indication of strong support if the engulfing bullish bar forms we could see some more strength.
Here is another USDJPY post http://www.tradergav.com/2010/10/05/is-it-time-now-usdjpy-04-oct-2010/
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