Love2trade

1,200 + pips USD/JPY pattern formation

FX:USDJPY   U.S. Dollar / Japanese Yen
389 1 4
This is a very low-risk high-reward strategy for trading triangle patterns.

Simply open a position right before or after the trendline of the triangle.

If price breaks through then you simply take the height of the triangle to find your target. In this case, we have a height of about 1,000 pips. If you get a false break open a position in the opposite direction to recover losses.

Note that this strategy has little risk, but anything can happen and the price may not reach the target, so you need to adjust to changing market conditions. I'm simply sharing what I have learned from so many pro traders.

Save this chart for reference if you like.

Good luck :)
Right now it looks like resistance is at 100.875 and support is at the 99.940 area. if price goes below support we might hit 99.000 before continuing up.
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