USD/JPY Triangle Breakout Update: Locking in Pips!

After waiting for days for the breakout to materialize, I’m finally able to lock in pips. And right on time for the U.S. GDP release, too! Here’s what I’m up to:

Trade Idea: USD/JPY Triangle Breakout!

Trade Update: USD/JPY Triangle Breakout!

As I’ve mentioned in my Twitter update a while ago, I have moved the stop loss on my long USD/JPY trade.

The trade is about 200 pips up right now after USD/JPY confirmed a break-and-retest-then-consolidate-then-break situation around the 100 SMA on the daily chart. And, with the Fed not discouraging speculations that it will raise its rates in December and U.S. Treasury yields attracting more dollar bulls, I think the pair will continue to see more gains until the end of the year.

USD/JPY: Daily Forex Chart

USD/JPY: Daily Forex Chart

That doesn’t mean that I’m not managing my risk though! As much as I’d like to add another position, I’ll be sitting on the sidelines until the U.S. Q3 2016 GDP report is released. Forex Gump thinks that we’re in for a disappointment, which could weigh on USD/JPY before extending its uptrend.

I’ve adjusted my stop loss to 104.00, which should give me about +65 pips (+0.05%) if price goes back down to the level. I’ll be watching the U.S. GDP release and look out for possible entry areas for my next position/s.

Got any tips on where I can enter? Also, do you have any dollar or yen-related trades? How are you managing your positions?

Don’t hesitate to share!

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  • areleave187

    Hi Loonie. You should check on the EURJPY on daily timeframe. Similar triangle breakout might possibly happen to this pair. Plus, the Euro showing positive growth against its pair recently. Let me know what you think of it.

    • Thanks for the heads up, areleave187!

      I’m loving the retest of the 100 SMA and the potential triangle breakout. A stop loss below 111.00 looks safe enough if you’re trading the daily time frame.

      Do you have any open trades on the pair yet? 🙂

      • areleave187

        Your welcome. Yes I do open trade at 113.800 based on ichimoku indicator in H4 timeframe and double my position after price breakthrough above the cloud. I’m considering to add another position if the price trading above the cloud in daily timeframe and positive triangle breakout. Locking pips at 114.460 the point where I double my position.