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JPY crosses have always been one of my favorites. Exception is USD/JPY as it is less volatile, though on higher time frames such as daily and weekly there is relatively good price movement. After an impressive bullish trend which lasted more than 6 months pair finally consolidated forming symmetrical triangle. Then it broke higher signaling potential trend continuation, it even made new high. However this breakout was stopped at 105.00 level. Notice that on the monthly chart this whole move still looks like a retracement. I personally see 3 possibilities here.
1. There will be a channel formation or test of the support ( blue line ), it will hold and price will continue to go up again.
2.The price will go through all the supports and continue to the downside with the major trend.
3.Will test one or both peaks of a triangle ( matches with major support and 100.00 level ) and proceed higher. The last one would be ideal setup for trading the triangle breakout. It is not a standard way of doing this. I have seen this methodology by some experienced traders.
Doesn't matter how it all will fold out, the most important is to have a plan in place and be prepared. I will be looking for a possibility to short JPY crosses this week, I think that if the price is to go up from the current levels then before that there will be some fake breakout to the downside.
1. There will be a channel formation or test of the support ( blue line ), it will hold and price will continue to go up again.
2.The price will go through all the supports and continue to the downside with the major trend.
3.Will test one or both peaks of a triangle ( matches with major support and 100.00 level ) and proceed higher. The last one would be ideal setup for trading the triangle breakout. It is not a standard way of doing this. I have seen this methodology by some experienced traders.
Doesn't matter how it all will fold out, the most important is to have a plan in place and be prepared. I will be looking for a possibility to short JPY crosses this week, I think that if the price is to go up from the current levels then before that there will be some fake breakout to the downside.