Ascending Channel on USD/JPY @ D1

FX:USDJPY   U.S. Dollar / Japanese Yen
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
Trade active: Entered at 122.776 with SL = 123.575 and TP = 120.843.
Trade closed: stop reached: Stop-loss hit at 17:14 UTC.
You can find a lot of detail about my trading ideas in my blog - You will also find useful tools to find, build, and trade similar patterns - all completely free.
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