USD/JPY Awaits Breakout: A Symmetrical Triangle in Play
The USD/JPY chart shows that the price has been moving up and down between two key levels: it has tried twice to go above 152.00 but didn't stay there, and it has bounced back up after reaching 127.29 and 140.34.
There's a triangle pattern on the chart, which usually means the price is getting ready to make a big move. This pattern is formed when the highs and lows come together into a point.
We're seeing signs that the price might break above 152.00 and start a strong upward trend, especially because the lows are getting higher each time. If we see more trading happening (which we call volume), it's a good sign that the breakout is real.
Traders might look for a decisive daily candle close above the 152.00 resistance as a confirmation for a long entry. The increase in volume would be a complementary signal, adding conviction to the breakout.
There's a triangle pattern on the chart, which usually means the price is getting ready to make a big move. This pattern is formed when the highs and lows come together into a point.
We're seeing signs that the price might break above 152.00 and start a strong upward trend, especially because the lows are getting higher each time. If we see more trading happening (which we call volume), it's a good sign that the breakout is real.
Traders might look for a decisive daily candle close above the 152.00 resistance as a confirmation for a long entry. The increase in volume would be a complementary signal, adding conviction to the breakout.