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USD/JPY Formed Short-Term Symmetrical Triangle

February 10, 2019 (Last updated on February 13, 2019) by

The US dollar has entered an uptrend against the Japanese yen on the 4-hour chart on January 31. On February 4, the currency pair began to consolidate inside a symmetrical triangle with a slight bias towards an ascending triangle. A successful breakout up from this pattern can serve as a tradable continuation signal.

The borders of the triangle are shown with the yellow lines. The cyan line is my potential entry level; it is located at 10% of the triangle’s base width above the upper border. The green line is my potential take-profit level; it is located at 100% of the triangle’s base width above the upper border. I will set my stop-loss to the lowest point of the triangle — 109.428. I will ignore bearish breakouts from this triangle as it should be a continuation pattern. You can click on the chart to see a larger version of it:

USD/JPY - Symmetrical Triangle Pattern on 4-Hour Chart as of 2019-02-10

I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this USD/JPY pattern. You can trade it using my free Chart Pattern Helper EA.

Update 2019-02-11 10:41 GMT: The currency pair rallied to trigger my entry order at 110.098 about 2 hours ago. The trade uses the stop-loss of 109.433 and take-profit of 110.770 (which will be going down gradually):

USD/JPY - Symmetrical Triangle Pattern on 4-Hour Chart as of 2019-02-11 - Post-Entry Screenshot

Update 2019-02-13 14:09 GMT: The currency pair proceeded to clear out my take-profit level today at 8:08 GMT despite a pullback yesterday:

USD/JPY - Symmetrical Triangle Pattern on 4-Hour Chart as of 2019-02-13 - Post-Exit Screenshot

If you have any questions or comments regarding this symmetrical triangle on the USD/JPY chart, please feel free to submit them via the form below.

2 Responses to “USD/JPY Formed Short-Term Symmetrical Triangle”

  1. ayesha

    r you sure?how you analyze it?

    Reply

    Andriy Moraru Reply:

    Yes, I am sure. I have spotted it with my eyes.

    Reply

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