Last few weeks USD/JPY has been ranging and price is not going anywhere. Now we can see that Ascending Triangle is about to be completed. And as we know this triangle could lead to some breakouts. In many cases when Ascending triangle is broken, price tend to go up. However, there also have been numerous times when price is breaking through support line and makes a sharp move down. So if somebody says price will break resistance he or she might be right but the same goes if somebody predicts if price is going to break support. How can we use this chart pattern to our favor ,then ? We will closely monitor USD/JPY on lower timeframes and we are going to set up price alarms in case support or resistance will be broken. And only then, when the trend line is broken, then we will open positions. Either it will be long or short, we don't know yet.
So if you have read this far, make sure you press that like button and follow this idea and we could grab some big pips with this pair.
What do you think about this idea ? Do you agree or disagree with us ? We would like to answer any of your questions or ideas so don't be shy and drop a comment in section below :)
So if you have read this far, make sure you press that like button and follow this idea and we could grab some big pips with this pair.
What do you think about this idea ? Do you agree or disagree with us ? We would like to answer any of your questions or ideas so don't be shy and drop a comment in section below :)
