akhostov
Short

Ascending Broadening Triangle

FX:USDJPY   U.S. Dollar / Japanese Yen
66 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.
We have broken the Ascending Broadening Triangle. Going to see if profit target 1 is reached
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