Triangle on USD/JPY

Triangle on USD/JPY

At the moment, purchases are prevailing on the USD/JPY currency pair. In the near future, the further growth of quotations is not excluded. A classical figure of the technical analysis, Triangle, (M15 timeframe) was formed in the trading instrument, which quite often acts as a continuation of the current trend. The price is testing the round level of 113.000. We recommend you to pay attention to this situation.

If the price fixes above the level of 113.000, you need to look for entry points to the market to open long positions. The closest target for fixing profit is the resistance level of 113.500. In the medium term, USD/JPY can reach a round level of 114.000. When tracking the position, we recommend using a trailing stop.

by JustForex, 2017.12.04

View trading ideas by the Price Action method.

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.

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