USD/JPY Daily chart! Ascending triangle formation
Updated
Hello traders, in the USD/JPY daily chart, we can see the formation of a
massive ascending triangle. The upper end of the triangle is at 152 level,
which if broken could lead to a massive leg up.
At this point, I would recommend traders to avoid placing short entries.
In fact, the plan would be to see how price behaves at the 152 level.
If there is a breakout, we would need to wait for a retest and then buy.
massive ascending triangle. The upper end of the triangle is at 152 level,
which if broken could lead to a massive leg up.
At this point, I would recommend traders to avoid placing short entries.
In fact, the plan would be to see how price behaves at the 152 level.
If there is a breakout, we would need to wait for a retest and then buy.
Note
The retail clients are massively short on USDJPY which indicates that price can continue to move up as the market usually moves opposite to what retail doesNote
Price has moved up 20 Pips Since I made the postNote
A lot depends on how Bank of Japan handles the Yen now, so keep an eye on the news tokNote
USDJPY has broken the 152 level as mentioned 2 days agoNote
Price has moved up by nearly 280 pips , moving exactly as predicted
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