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.
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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
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Price has moved up 20 Pips Since I made the post
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A lot depends on how Bank of Japan handles the Yen now, so keep an eye on the news tok
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USDJPY has broken the 152 level as mentioned 2 days ago
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Price has moved up by nearly 280 pips , moving exactly as predicted
I have been watching this as well and I believe a bullish breakout is imminent. Nice idea
KaltoireCapital
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@emillyricci, The pattern definitely suggests a breakout, rest depends on BoJ
ICmarkets
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The resistance zone looks solid as the price has been rejected multiple times in the past. It will be interesting to see how the price will react to the level in the coming market sessions. Good analysis
ZatanaKokita
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Finally someone presenting the big picture
tradingfun45
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rejected again bro
KaltoireCapital
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@tradingfun45, Yeah bro, looks like it did , let’s see. I do not have any positions yet