EURJPY - Symmetrical triangle
A symmetrical triangle has started to form in the price of this pair, the price is just moving inside the triangle and has shown no signs of breaking out. The triangle has started to become very narrow meaning we could see a breakout very soon and the price has started to become very volatile recently as the triangle gets more and more narrow. I would wait for a clear signal for a break before placing a trade. The RSI is currently very close to the overbought level as the price gets closer to the resistance level of the triangle. If the price breaks out with an increase in momentum we could see up to a 500pip move!
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Disclaimer
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.