USDJPY > A Possible Triangle Pattern!
Updated
Analysis of #USDJPY
while everything points to a weaker YEN, we can agree that this move to the upside on USDJPY, however, we can not say it is over, and now we have the market consolidating before it decides what is the move.
As you can see on my chart we now have a possible triangle pattern which could break either way for me
Trading Plan:
>> If the USDJPY breakout above the trend line resistance I will then look for a trend continuation pattern to the upside targeting the highs if the rules are met.
>> If the USDJPY breakout below the trendline support level I will then look for a trend continuation pattern to the downside targeting the next level of support near 122.200 if the rules are met.
⚡ Be aware due to the global tension we currently live In, markets are not following or respecting chart patterns and technical analysis.
________________________________________
💭 | Comment your thoughts below, I always answer.
📥 | Feel free to message me if you have any questions.
Thanks for your continued support!
while everything points to a weaker YEN, we can agree that this move to the upside on USDJPY, however, we can not say it is over, and now we have the market consolidating before it decides what is the move.
As you can see on my chart we now have a possible triangle pattern which could break either way for me
Trading Plan:
>> If the USDJPY breakout above the trend line resistance I will then look for a trend continuation pattern to the upside targeting the highs if the rules are met.
>> If the USDJPY breakout below the trendline support level I will then look for a trend continuation pattern to the downside targeting the next level of support near 122.200 if the rules are met.
⚡ Be aware due to the global tension we currently live In, markets are not following or respecting chart patterns and technical analysis.
________________________________________
💭 | Comment your thoughts below, I always answer.
📥 | Feel free to message me if you have any questions.
Thanks for your continued support!
Trade closed: target reached
83 pips
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