I hope you’re into trading the daily time frame because these triangle opportunities are too good to miss.
Which one will you more likely trade?
USD/JPY is a hair’s breadth away from the 104.25 minor handle, which lines up with a descending triangle support that has been keeping the bears contained since late July.Can the bulls defend the support for another day? I’m seeing long wicks around the area so we might not see enough sellers for a downside breakout just yet.
If you’re more interested in buying the dollar against the yen then you’re in luck!
Watch this one closely, yo!
Here’s another one for breakout traders out there! GBP/USD is nearing the end of what looks like a symmetrical triangle pattern on the daily time frame.Cable’s low key uptrend and the 100 and 200 SMAs just below the trend line support tells me that the bulls have better odds of seeing a breakout. GBP/USD could pop up to 1.3370 if we see enough momentum.
But stranger things have happened in 2020. The Pentagon has released UFO videos, we saw TWO full moons in October, and thousands voted for Kanye as their next President.
In GBP/USD’s case, a downswing could lead to a break below the trend line support and drag the pair back to the 1.2550 previous area of interest.