USDJPY Multi-Year Pennant
USDJPY has been forming this massive triangle for nearly 1650 days now.
The triangle's apex is 350 days away.
We have had 3 rejections and 4 support within the triangle. Pennants are usually a bullish sign but given the shape of this pennant I am leaning neutral.
I will be looking to see which way it will break out and trade accordingly. Usually, technical patterns like this break out a 30% before the apex. So, It should be sometime within the next 6 months we should see a major break out.
There is a clean 10% swing trade to pull. The direction is unclear yet, but it is worth keeping an eye on.
The triangle's apex is 350 days away.
We have had 3 rejections and 4 support within the triangle. Pennants are usually a bullish sign but given the shape of this pennant I am leaning neutral.
I will be looking to see which way it will break out and trade accordingly. Usually, technical patterns like this break out a 30% before the apex. So, It should be sometime within the next 6 months we should see a major break out.
There is a clean 10% swing trade to pull. The direction is unclear yet, but it is worth keeping an eye on.
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