USD/JPY Analysis: Symmetrical Triangle Formation
The USD/JPY pair is forming a symmetrical triangle on its weekly chart, indicating a period of market consolidation. Traders are closely watching for a breakout above the upper trendline, currently at 150.552. If this breakout occurs and is sustained, it could lead to a bullish rally towards the 176 level. However, caution and confirmation are advised before entering any trades, as symmetrical triangles do not guarantee the direction of the breakout. Traders should remain vigilant and adjust their strategies accordingly to manage risks effectively.
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