USDJPY has broken out of the triangle pattern and is making higher highs. Medium-term trend remains bullish as price is still above the blue upward sloping support trend line. Triangle patterns are usually found near the end of a trend, that is why this breakout should be seen with caution. The triangle break out target is at 142.10. However it is not necessary for this target to be reached. This target is only a guide. Traders need to be very cautious in case of Dollar weakness. A move below yesterday’s lows at 139.27 should be considered a bearish reversal signal. As long as price is above this level, bulls still have hopes for higher highs.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- triangle pattern
Blue line- support trend line
USDJPY has broken out of the triangle pattern and is making higher highs. Medium-term trend remains bullish as price is still above the blue upward sloping support trend line. Triangle patterns are usually found near the end of a trend, that is why this breakout should be seen with caution. The triangle break out target is at 142.10. However it is not necessary for this target to be reached. This target is only a guide. Traders need to be very cautious in case of Dollar weakness. A move below yesterday’s lows at 139.27 should be considered a bearish reversal signal. As long as price is above this level, bulls still have hopes for higher highs.
The material has been provided by InstaForex Company – www.instaforex.com
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