Looking forward to break (2010-07-27 JPY analysis)

Let's switch to something with smaller timeframe. USDJPY surged after the news about on low Consumer Confidence, and is testing its resistance.

1H chart:


4H chart:


Many people may try to short after looking at the 1H chart. However, after seeing the 4H chart, I have different view on it. I think it might be time to break the red resistance channel and fibs level. Before breaking, the price might move horizontally for a while, so MACD and EMA would drop a bit in 1H chart. Let's keep an eye on it. Once it breaks, we can try to long some.

Time: 11:36, it breaks the channel. I have longed USDJPY:
Open: 87.931; Stop: 87.755; Limit: 88.245; Risk-reward ratio 2:1

Going to sleep as it's 23:39 in HK!