USD/JPY Daily chart! Ascending triangle formation
Hello traders, in the USD/JPY daily chart, we can see the formation of a
massive ascending triangle. The upper end of the triangle is at 152 level,
which if broken could lead to a massive leg up.
At this point, I would recommend traders to avoid placing short entries.
In fact, the plan would be to see how price behaves at the 152 level.
If there is a breakout, we would need to wait for a retest and then buy.
massive ascending triangle. The upper end of the triangle is at 152 level,
which if broken could lead to a massive leg up.
At this point, I would recommend traders to avoid placing short entries.
In fact, the plan would be to see how price behaves at the 152 level.
If there is a breakout, we would need to wait for a retest and then buy.
Comment:
The retail clients are massively short on USDJPY which indicates that price can continue to move up as the market usually moves opposite to what retail does
Comment:
Price has moved up 20 Pips Since I made the post
Comment:
A lot depends on how Bank of Japan handles the Yen now, so keep an eye on the news tok
Comment:
USDJPY has broken the 152 level as mentioned 2 days ago
Comment:
Price has moved up by nearly 280 pips , moving exactly as predicted