Next Tuesday will be the official one-month anniversary of this treacherous range that we have come to know so well. The different traders that I speak with every day, both professional and amateur, are venting their frustrations louder than ever with both hands in the air asking when it will be over.  The thing about ranges is when the last group of traders who are tired of banging their head against the wall finally throw the towel in is exactly when it breaks. So in other words, stay tuned, because I see the laundry piling up.

1.2975 caps it on top and channel support that held once at 1.2725 are the immediate boundaries. Below channel support is the monster 1.2690 level that should tell us really what this uptrend is made of.

While the dollar pairs are sorting themselves out, let's look to the cross-making headlines in the meantime. EUR/JPY has been trucking higher through 144.00 and 145.00 in the past few session, but was facing a solid weekly chart Fib extension level at 145.54. The market lasted about 20 minutes at 145.50 before dumping back to the 145.00 figure. Could this be the start of significant reversal? Letââ,¬â"¢s wait for the market to prove it to us first.

Wait for the 3-hour channel to be broken at 144.75 before going short with stops 25-50 points away. And please, folks, use stops. Use your 2-to-1 reward-to-risk money management.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.