Triangle on USD/JPY

Triangle on USD/JPY

On the USD/JPY currency pair an ambiguous technical pattern has occurred. At the moment, the quotes are consolidating after a rather protracted rally. The key range is 109.650-109.900. In the trading instrument, a classical figure of the technical analysis Triangle (M30 timeframe) has been formed. We recommend you to pay attention to this situation.

If the price fixes above the 109.900 level, you should consider buying USD/JPY. The movement is tending to 110.400-110.750. When tracking the position, we recommend using a trailing stop.

Alternative option. Triangle quite often acts as a reversal formation. If the price fixes below the level of 109.650, a correction of the USD/JPY currency pair is expected. The target level of movement is 109.400-109.250.

by JustForex, 2018.05.02

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Best Gold Trading Tips For Beginners
Gold is one of the most popular assets traded worldwide by investors, funds, and speculators who aim to profit from the price fluctuations or stand up against inflation. Unfortunately, many market participants fail to catch the wave and take full advantage of what the gold market can offer due to the lack of knowledge and experience. Are you planning to become the next gold trader? Learn how to trade gold in the most profitable way.
Read more
How to Become a Successful Forex Trader in Malaysia
With broad access to online brokerage services, everyone can become a trader these days. However, few people actually find success in FX. The reason might be that many of those who try trading skip some essential steps or simply do things wrong. Learn about the best ways to become a currency trader in Malaysia from this article.
Read more
How to Become a Forex Trader in Indonesia
Starting trading currencies in Indonesia is as easy as in the rest of the world. All you need to do is spend a few minutes of your time on opening a trading account and going through the verification process. However, this is hardly enough to start making money, let alone make a living out of forex trading. To learn about the best ways to trade currency in Indonesia, read this article.
Read more