EUR/JPY 4H Chart: Ascending triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A traditional ascending triangle is a continuation pattern within an up-trend; this time around it was preceded by a sell-off, which increases the uncertainty regarding the direction of a break-out. Considering the technical indicators however, the risks are skewed to the upside. Accordingly, the base case scenario is a close above the level of 137 yen and a subsequent development of a rally. The height of the triangle is 370 pips, and this means the ultimate target is between the June high at 141.05 and the monthly R2 at 140.23. Meanwhile, the SWFX traders are undecided: a half of them is long and the other half is short.
© Dukascopy Bank SA
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