After months of consolidation, USD/JPY finally seems ready to break out of its symmetrical triangle. As you can see on the pair’s daily chart, a long green candlestick has already closed above the triangle resistance, hinting that an uptrend is in the works.
The pattern is approximately a thousand pips in height, spanning from a high of 103.00 in May to a low of 93.00. Further rallies could last by roughly 1000 pips as well, but this could take place for months.
Going long at market with a stop below the triangle support and a target of roughly 1000 pips could be a good position setup with a high return on risk.
By Kate Curtis from Trader’s Way