CAS_Trading

USD/JPY - Ascending Triangle - Trade the Break

FX:USDJPY   U.S. Dollar / Japanese Yen
An ascending triangle can be spotted in the USD/JPY pair which is usually a bullish sign. But personaly I see a risk of the price going down as well. As a result the current idea is to trade the break of the triangle with a 15 minute candle close above/below it for confirmation. Sl below/above recent high/low and TP based on the Minimum Price Objective projected from the base of the pattern.

Should be a quick trade with the targets potentially to be reached in the next 24 hours. If the break will not happen in the next 4 hours, the pattern and the overall trade set-up will become invalid. Expect the break to happen on the open of the US trading session.
Nov 27
Trade active: BUY TRADE HAS BEEN OPENED
Nov 28
Trade closed: target reached

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