GBP/JPY – Waiting For The Price to Breakout The Symmetrical Triangle Pattern.
The 5%ers' Blog > Trading Analysis
It’s about three weeks now that the price forming this symmetrical pattern and the range become more and tighter.
We can definitely expect the price to breakout the triangle very soon.
If the price will break down the triangle it indicates the price tends to reach the demand below, therefore, in that case we should look for price action and the right timing to sell GBP/JPY and the demand below will be the Target, it is also a great demand for buy position.
If the price will break up the triangle it indicates the price tends to reach the resistance zone above, in that case, we should for a price action to buy GBP/JPY and the resistance above will be the target.
Both options are relevant for a swing forex traders.
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