ChaosTrader63
Long

USD vs JPY Ascending Triangle

FX:USDJPY   U.S. Dollar/Japanese Yen
257 1 0
The USD vs JPY on the daily time frame shows the pair in an ascending triangle pattern which normally is a continuation pattern. The pair has been in an uptrend 8 straight months starting in October 2012 until the past 3 months of a minor retracement of 38.2 on the monthly time frame. If the pair breaks the trend line upwards I am expecting the move to 103.700 for a double top. At 103.700 we will also be faced with the Monthly Kumo flat top which will act as resistance and the pair has attempted to break through the Kumo once already. The outlook for the USD vs JPY is looking pretty bearish .
ChaosTrader63
3 years ago
Traders I am sorry but I meant to call this a symmetrical triangle pattern and not an ascending triangle. Sorry! Outlook still the same and I re published the chart. Thanks and have a great and blessed trading day!
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