Corey Rosenbloom: If you follow or trade the Japanese Yen currency, you’re likely aware that a lengthy multi-month sideways compression or symmetrical triangle price pattern has been developing on the chart.
Let’s review this price pattern and see three perspectives on the compression pattern which historically has forecast a breakout event that may easily be in the near future.
USDJPY Daily Chart:
USDJPY 240 minute intraday chart:
The two USDJPY FOREX Charts show the Daily and 240-min intraday (tighter) perspective of the broaderSymmetrical Triangle Price Pattern in motion within the well-defined trendline boundaries.
For extreme simplicity, the lower rising trendline currently intersects the 97 level (last week’s low) while the upper falling trendline intersects the 98.75 FOREX level with the US Dollar.(...)Click here to continue reading the original ETFDailyNews.com article: 3 Views On The Japanese YEN USDJPY Triangle PatternYou are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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