A strong bullish trend is active on EUR/JPY since July last year. That growth has notably stalled following a peak in late May this year. The currency pair has spent this Summer forming an ascending triangle pattern that now looks complete and is ready to burst.
The pattern itself is shown with the yellow dashed lines on the image below. Overall, the triangle looks very strong. Only upward breakout should be considered for trading here as it is a clearly a case of a continuation pattern following a strong rising price wave. My entry point is shown with the horizontal cyan line. My profit target is shown with the horizontal green line (100% of the triangle’s height added to the breakout line). I will use breakout bar’s low as my
Update 2013-09-10 14:26 GMT: Long position triggered at 13:15 GMT today. The entry price is 133.10,
Update 2013-12-03 11:36 GMT: Exited at
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