EUR/JPY 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY left September lows with a surge and then consolidation inside of an ascending triangle pattern. The pair has just broken the upper boundary of the pattern and appears to be on its way to retrace form the broken level. We now expect the rate to tap at the resistance level of 112.75 and extend the surging motion after it manages to exit the tight range it has been trading inside of. The range is bound by solid resistance at 123.77/87 and 122.80/73which will have to break in order to exit the consolidation.
© Dukascopy Bank SA
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