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