Symmetrical Triangle - breakout of GBP-JPY upside/downside

FX:GBPJPY   British Pound/Japanese Yen
130 2 10
The GBP-JPY             is shown with the symmetrical triangle, posting higher lows and lower highs over the past two weeks. This pattern could indicate a breakout to either the up or downside. The Bollinger bands are also squeezing closer together indicating a breakout. For a bullish move, the price action should close above the upper Bollinger band and move out of the triangle in the upward direction. For a bearish move, the price action should close below the lower Bollinger band and move out of the triangle in the downward direction.
vlad.adrian PRO
2 years ago
That is not a triangle, because the lower line is too far away. A triangle is a congestion area, but you included the uptrend too. What seems more like would be a falling wedge, but only if you draw the line starting from 177.448
JamieHolmes PRO vlad.adrian
2 years ago
Hi thanks for the constructive comment, what do you think about my other idea on GBP-JPY?, your feedback is appreciated hugely. :)
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out