EURJPY – Triangles Are Signals To Stand By

29 Aug - EURJPY Daily

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Hi All,

This is a currency pair that I’ve not discussed for awhile. Nonetheless, I’m pretty excited about it as I see a nice ascending triangle pattern that is screaming at me. In case you’re not aware, triangles represents consolidations where there is indecision in the market. Instead of trading an indecisive market, I use it as a signal to stand by before a breakout.

The immediate price action tells me that this is a long continuation set up. However, as I zoom out to a bigger picture (monthly chart), EURJPY is in fact in the middle of the range. With that, I am going to let Price take the lead on this. I will sit aside and wait to see if price will break to the upside or the downside.

Thank you for reading and please post any comments/queries that you may have at the bottom of the page.

 

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