EUR/JPY Trading In Ascending Triangle Pattern – Buckle Up for Breakout!

Taking a quick look on the hourly chart of EUR/JPY, the pair is consolidating right below the triple top resistance level of 126.350...

EUR/JPY - Hourly Chart

Taking a quick look at the hourly chart of EUR/JPY, the pair is consolidating right below the triple top resistance level of 126.350. Actually, it’s an ascending triangle pattern which at first is representing the neutral sentiment of traders. It’s clearly showing the indecision among traders. Perhaps, they are waiting for some European CPI data to determine their next move.

EUR/JPY - Hourly Chart

Secondly, it’s an ascending triangle pattern and typically this type of pattern breaks upward. If that happens, I will be looking to take a buying position above 126.500 to target 127. While the pair can stay bearish below 126.500 today. Investors are advised to see FX Leaders Aug 17 – Economic Events Outlook for more details on the economic events and expectations. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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