USDJPY is forming an ascending triangle on the 4H chart. Although our algorithm only gives a 61% success rate for this pair on the 4H chart the pattern gives 75% success rate on all pairs monitored. Also with a close above the 38.2% Fibonacci extension coinciding with a breakout of the ascending triangle we will be looking to take a long position.
If this breakout occurs we will be long above 124.520 with targets of the figure 125.000, 125.400 and 126.000. We will be risking 100-150 pips at max.
If this breakout occurs we will be long above 124.520 with targets of the figure 125.000, 125.400 and 126.000. We will be risking 100-150 pips at max.