Short USDJPY @ 116.58

Entry: (2006.02.24 06:03 GMT)
The pair was trading in a tight range between 116.65 and 116.70 all the way into the close of the australian session. About ten minutes later, the price dropped out of the range and I opened this short position. I expect the price to continue to drop until the first support near 116.37. I have placed my S/L just above the range at 116.72 and my T/P just above S1 at 116.40.

Exit: The support held and I got stopped out at 116.72. The pair subsequently traded in the 116.51-116.71 range for another three hours before breaking up.

-14 pips