USD/JPY Ascending Triangle In Uptrend

Published On: 18 March 2024, 9:20 AM | Jeraldine Tan, Senior Dealer

Key Entry Price Pivot(s):
  • 151.91
Recommended Trade:
  • Long at 152.25
  • Stop Loss at 146.25 (600 pips)
  • Take Profit at 165.25 (1300 pips)
Alternative Case:
  • Short at 151.75
  • Stop Loss at 152.75 (100 pips)
  • Take Profit at 148.75 (300 pips)
  • USD/JPY testing high of 151.91 repeatedly and now forming ascending triangle pattern in an upward trending market
  • Recommended trade suggests buying on a break out of the high that had been repeatedly tested. At this moment, stoploss is placed 600pips away which should be reviewed when trade is triggered (stop probably can be placed below the most recent low)
  • Alternative case is presented for traders who believe in mean reversion in foreign exchange and are bearish USD/JPY – a short trade may be structured on a re-test of the high