akhostov

EURJPY - Ascending Triangle & Double Top & RSI Sym. Triangle

FX:EURJPY   Euro Fx/Japanese Yen
122 0 2
I currently see an ascending triangle (red trend lines on price chart) that has formed since February 4. The resistance has been hit 3 times while the ascending support trendline has been hit twice. The last time it hit it, the price bounced off both the trendline and a previous level of support (green dashed line).

In the process of the ascending triangle formation, I noticed a possible double top pattern (shown in blue dashed lines). The Target for the double top pattern is the blue arrow which nicely matches previous support @ 132.492. So, if the ascending triangle does break to the downside, then we can expect to see a drop in prices down to this level.

Another target is the ascending pattern target (highlighted in gold             arrows) that match with previous structure ( gold             dashed lines). I drew to targets because the ascending triangle is both a continuation and reverse chart pattern (and both targets very much match structure). The Bearish Target matches with the gap down seen on Jan. 23rd.

Also, the RSI (14) has formed a symmetric triangle in the process of the price action forming an ascending triangle . This could imply that we will see a nice move in either direction. I will wait to see a nice confirmation of a break before I trade (which ever way it does break).

Trade wisely, Trade responsibly.

Comments are welcomed.
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