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Ascending Triangle on AUD/JPY @ H4

June 17, 2012 (Last updated on July 2, 2012) by

An ascending triangle of a rather rough form is being displayed by the H4 AUD/JPY chart now. The triangle services as a continuation signal for the bullish wave started back on June 1. A bearish breakout is not recommended for trading in case of the ascending triangle Forex pattern.

Please see the screenshot of the AUD/JPY chart below. The yellow lines show the triangle’s borders. The horizontal cyan line is a trigger-level for a breakout entry. The horizontal green line is to serve as a take-profit level in case of going long on this pair.

AUD/JPY Ascending Triangle as of 2012-06-17

You can also download my MetaTrader 4 chart template for this AUD/JPY ascending triangle.

Update 2012-06-18: Missed initial entry point, entered on a pull-back at 79.76 with a stop-loss at 79.12 (last Friday bar’s low) and target at 81.67.

Update 2012-06-29: Position exited at profit target of 81.67 as planned.

If you have any questions or comments regarding this AUD/JPY chart pattern, please feel free to reply via the form below.

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