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FX.co ★ Triangle pattern in USDJPY soon to be broken.

Triangle pattern in USDJPY soon to be broken.

USDJPY is trading above 110 and is challenging the upper triangle boundary. Bulls need to be very cautious at current levels because a rejection at current levels will bring price towards 109.80 and the lower triangle boundary.

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Triangle pattern in USDJPY soon to be broken.

Red line - resistance upper triangle boundaryBlue line- support lower triangle boundary

Black lines -trading range

USDJPY so far has been rejected 3 times at the red trend line resistance. The chances of getting rejected again are high. A rejection will be a bearish signal and this time the chances of breaking below the blue support and lower triangle boundary will increase dramatically. USDJPY bulls need to be very cautious. If price gets rejected I expect a move towards the lower black trading range boundary to follow.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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