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SYMMETRICAL TRIANGLE FORMATION ON USDJPY

FX:USDJPY   U.S. Dollar/Japanese Yen
Price on the daily perspective has been capped within a symmetrical triangle for just over a month. Price is currently coming to the very end of the triangle and could potentially break to the upside or downside, giving two different scenarios for trading opportunity.
  • In the case of a break to the upside: it is ideal to wait for a break of the resistance level 120.75 for a confirmation to go long. Targets 123.75 and 123.5
  • In the case of a break to the downside: it is ideal to wait for a break of the support level 119 for confirmation of a short position. Targets - 116.5 and 116.25
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