USD/JPY Daily chart! Ascending triangle formation

FX:USDJPY   U.S. Dollar / Japanese Yen
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.

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
Price has moved up 20 Pips Since I made the post
A lot depends on how Bank of Japan handles the Yen now, so keep an eye on the news tok
USDJPY has broken the 152 level as mentioned 2 days ago
Price has moved up by nearly 280 pips , moving exactly as predicted

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.