Symmetrical Triangle Formation Puts GBPJPY On Daily Watchlist.
Posted On 27 Apr 2014
In this brief video (2:53) we will highlight the price structure of the GBPJPY for the week ahead and discus the potential opportunities the underlying price patterns represent.
The bullish symmetrical triangle structure represents a period of indecision with higher lows and lower highs with the price eventually converging on a point of breakout. A symmetrical triangle during an uptrend typically represents a continuation pattern and if the trend is strong this increases the likelihood of a break higher. This pattern can also offerr reversal opportunities on the break of the lower trend-line.
What are your thoughts on the GBPJPY for the week ahead? Do you have any further analysis to add? Let us know in the comments section below.
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