haris.hronos

GBP/JPY ascending triangle shape!!

FX:GBPJPY   British Pound / Japanese Yen
Hello fellow traders,

In this analysis i noticed a potential ascending triangle shape being formed.
The triangle is being shaped by the uptrend line ( the line has been confirmed 3 times a you can see with the 3 green circles) and the darker blue resistance zone ( it has been confirmed 5 times as you can see with the red and orange circles).
It looks like the price just broke the 50EMA and its about to break the 200EMA(serious resistance there) and have some further upward movement.
Depending on traders risk aversion someone could take position just after breaking the 200EMA or if someone wants to minimize his risk then buy his position right after breaking the darker blue resistance zone .
If the uptrend line doesnt do its job correct and support the price then we should expect further downward movement.

This is my first analysis on real currencies(i usually trade crypto) and i would appreciate any feedback given.


Trade active: This trade is still active and goes pretty good.
The price is playing near the heavy resistance zone (dark blue) but finds some strong support on the 50EMA. We can that the price failed to break out one more time ( one more red circle area).
Be patient guys, I think we are going to have the chance for some good profit.

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