I saw this potentially bullish Symmetrical Triangle Pattern formation for last few weeks in USDJPY & just thought to write about it a bit!
The Bigger Picture!
Let's look at the bigger picture...
If we look at the monthly chart of USDJPY, we can clearly see that this sexy lady is approaching a major bearish zone! I don't expect it to break this Resistance Zone in a single shot! Most probably we'll see a bearish correction once after the price action reach this multi-year resistance zone.
USDJPY was stagnating around this price level for last few months due to indecision among the traders about the future direction. We can clearly see a Coil or Symmetrical Triangle Classical Technical Chart Pattern in this greener circle. Let's zoom in!
USDJPY Weekly Chart
How many of you believe this as a Symmetrical Triangle Pattern?
Then, what about the Price Target ?
x = x, isn't it?
Let's see how it goes. And don't ever forget to have your stop-loss ;)
[My Opinion] :
USDJPY has the potential to reach 105.00-107.00 before next big downturn!
I can be embarrassingly wrong!
Good Hunting to you!
Sachith Sumanathilake
Sri Lanka
