is GJ forming a symmetric or an Ascending triangle?as we monitor gbpjpy we can see it forming a symmetric triangle
> for the sake of this trade/profit we will assume that it is.
most profit potential is on the 2-day chart
key point:
. Resistance:
> after the breakout, of the previous resistance 157, we see GJ made a high of 168 also failing to break this twice we can call this our roof
> after 168 we see gj failing to stay above 166 with that we can draw a counter trend line going down by two
> it is possible to see gj eventually reacting to 164 level but i believe 166 is a more interesting area
. Support:
> after getting rejected at 168 we see price bounce off levels 151 to 156.5 now it is at 161.5
> with that we can see trend line with a rate of 5
take away:
> gj is on the verge on forming a symmetric triangle
> keynote that boost my confidence with this analysis is with the sell off last week we still see gj managing to close inside this triangle
> we should see gj bounce off from 161 to 164 or possible 166
outlook:
> if we are not in this buy, we will watch gj's buy up to 164/166 on the 2/3 day
> if there is a breach of on the 2/3 day, we can assume two things: there is a breakout or there is a trend break to the larger ascending triangle
>we will classify it as a breach when price opens or closes out of the symmetric triangle
NB: IF THERE IS A BREACH OUT OF THE SYMMETRIC TRIANGLE THEN PRICE IS REACTING TO THE LARGER TREND ASCENDING TRIANGLE WITH THAT, WE SHOULD SEE PRICE RETEST 168 LEVEL.
> After that we take profit and wait for more information to determine our bias
