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Triangle on USD/JPY

Triangle on USD/JPY

On the USD/JPY currency pair an ambiguous technical pattern has occurred. At the moment, the quotes are consolidating after a rather protracted rally. The key range is 109.650-109.900. In the trading instrument, a classical figure of the technical analysis Triangle (M30 timeframe) has been formed. We recommend you to pay attention to this situation.

If the price fixes above the 109.900 level, you should consider buying USD/JPY. The movement is tending to 110.400-110.750. When tracking the position, we recommend using a trailing stop.

Alternative option. Triangle quite often acts as a reversal formation. If the price fixes below the level of 109.650, a correction of the USD/JPY currency pair is expected. The target level of movement is 109.400-109.250.

by JustMarkets, 2018.05.02

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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