Article Summary:

Get breaking Forex News, real time forex market analysis, current trading strategies, plus a global economic calendar here.The latest trend development on the EUR/JPY currency pair’s weekly timeframe chart shows a strong resistance level formed near 138.56 with a support level being sloped under a rather small angle to this resistance. Thus the ascending triangle


Article Content:

The latest trend development on the EUR/JPY currency pair’s weekly timeframe chart shows a strong resistance level formed near 138.56 with a support level being sloped under a rather small angle to this resistance. Thus the ascending triangle chart pattern is formed on EUR/JPY. The pattern looks almost perfect but the problem is that the apex of the triangle is very far away in time, which signals of a pattern’s weakness. Anyway, my recommendation is to buy EUR/JPY when the price closes above the upper resistance level on a weekly timeframe. You can click the image below to get the full picture of the pattern:

EUR/JPY, Weekly Timeframe, Ascending Triangle, 2009-10-25