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
You can download my MetaTrader 4 chart template for this EUR/JPY pattern. It can be traded using my free Chart Pattern Helper EA.
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
If you have any questions or comments regarding this ascending triangle on EUR/JPY chart, please feel free to submit them via the form below.
The price is very close to your target. Keeping my fingers crossed for your trade. Congratulation for your patience. When target is hit please write what was final swap (I suppose it was positive).
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Andriy Moraru Reply:
November 29th, 2013 at 7:20 pm
Unfortunately, the swap is negative. I didn’t pay attention to the fact that my other broker offered a positive swap on EUR/JPY, while the one I used for the trade had a negative swap for the pair.
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Good exit point. I see that price is struggling to go higher for now. Congratulations for a profitable trade.
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Andriy Moraru Reply:
December 5th, 2013 at 5:52 pm
Thanks! I hope CHF/JPY will reach its target too in a few weeks.
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