Ascending triangle on USD/JPY

Ascending triangle on USD/JPY

There is an interesting technical pattern on the USD/JPY currency pair. At the moment, the quotes are consolidating after quite a prolonged growth. The key range is 110.250-111.250. In the trading instrument, a classical figure of the technical analysis, Ascending Triangle, (D1 timeframe) has been formed. We recommend you to attention to this situation.

If the price fixes above the level of 111.250, further growth of USD/JPY is expected. The movement is tending to 112.250-112.500. When tracking the position, we recommend using a trailing stop.

Alternative option. Ascending Triangle quite often acts as a reversal formation. If the price fixes below 110.250, it is necessary to consider sales of USD/JPY. The target level of movement is 109.500-109.000.

by JustForex, 2018.07.11

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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