The ascending channel
pattern on D1 chart of USD/JPY
shows a potential for a bearish
breakout. The pattern's borders are shown with the yellow lines. My potential entry level is shown with the cyan line. My potential target level is the green line. Stop-loss will be set to the high of the breakout bar (not shown on the chart).
The pattern is very similar to what is currently going on in GBP/JPY
. The trades are correlated, so be careful.
More information, tools, a chart template, and a free expert advisor to trade this pattern in automatic mode on