akhostov
Short

Ascending Broadening Triangle

FX:USDJPY   U.S. Dollar/Japanese Yen
61 1 1
USD/JPY             has had a nice rally up to the 118.600 level, which I predicted it would reach (never published the idea though but mentioned in the chat room). We saw a reversal down to structure around 118.11 and a bounce up.

The pattern that I have recognized is an ascending broadening triangle, which implies for a drop down to previous support/resistance 117.803. The ascending triangle is highlighted by the red dashed support line and the blue resistance line.

We already saw a rising channel that included RSI Bearish Divergence and now the Ascending Broadening Triangle is forming.

Trade wisely, Trade responsibly.
akhostov PRO
2 years ago
We have broken the Ascending Broadening Triangle. Going to see if profit target 1 is reached
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