Ascending Triangle on USD/JPY

Ascending Triangle on USD/JPY

There is an interesting technical pattern on the USD/JPY currency pair. The Ascending Triangle classic figure (H1 timeframe) has been formed in the trading instrument. At the moment, USD/JPY quotes are consolidating after a sharp rally. The key range is 109.400-109.650. We recommend paying attention to this situation.

Ascending Triangle quite often acts as a formation of the current trend continuation. If the price fixes above the resistance level of 109.650, further growth of USD/JPY quotes is expected. The movement is tending to 110.00-110.200.

Alternative option. If the price fixes below 109.400, it is necessary to look for entry points to the market to open short positions. The movement is tending to the round level of 109.000.

When tracking a position, we recommend using a trailing stop.

by JustMarkets 2019.12.19

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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