BreakOutArtist
Long

USDJPY > Triangle Break Out on Daily Chart Confirmed

FX:USDJPY   U.S. Dollar/Japanese Yen
423 0 3
Hi Yen Risk Takers,

This is an update to the update on a previously an idea was posted that Yen hav a potential to breakout on the bullish side
( USDJPY             > 3 Simple Reasons to Prepare for a Bullish BreakOut)

The stated Breakout Entry Condition is for price to convincingly trade and sustain above 119.90.

Based on the current price action, I judged that the condition has been met and the Break Out is now Confirmed.

Currently, we can see price retracement sustaining above 120.00 and a minor Elliott wave forming at the lower time frames.
Hence from my point of view, current levels are attractive for entry.

(Stop Loss)
Below 117.50.

(Taking Profit)
For those long term traders can look at 129.00 as a general objective.

Medium Term Traders can generally look at taking profit partially bit by bit, as price reaches the following levels:

Take Profit Level 1: 121.00

There is always a chance of a false breakout, or the chart pattern evolving from a Triangle to a sideways Rectangle consolidation pattern.
Therefore taking partial profit at around 121.00 may be a prudent step to take.

Take Profit Level 2: 123.00
Take Profit Level 3: 125.00

(Risk)
There is always the risk of a false breakout, where price fakes a move above 119.90 and falls back into consolidation mode.

There is also the risk of averse price movement due to unexpected announcements by Central Banks.
A classic example will be the recent Swiss National Bank's decision to remove EUR/CHF             Cap.

(References)
Elliott Wave> http://www.elliottwave.com/freeupdates/archives/2011/07/06/Using-Elliott-Waves-As-Simple-As-A-B-C.aspx#axzz3I0yzDuPv

Descending Triangle> http://thepatternsite.com/dt.html

Rectangle Pattern> http://www.investopedia.com/articles/trading/08/rectangle-formation.asp

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