Forex Trading Library

USDJPY trading within triangle formation

By Steve O'Hare Last updated Oct 30, 2021

USDJPY trading within triangle formation.

Weekly: Price action continues to trade within a large triangle formation. The sideways consolidation has continued despite the significant spike lower to 104.65. A re-test of the top of the triangle is expected before the next drive lower.

Daily: Trading within a short term corrective phase. Trend line resistance is expected to cap gains with the return of dollar bears.

Action:

We look to Sell at 112.60

Stop: 114.60

Target: 108.00 & 105.00

Steve O'Hare

Steve has traded and analysed financial markets for over 30 years.
He started on the Baltic Exchange with Cargill Investor Services in 1987 trading Commodities. Following this Steve went on to work in a number of senior trading roles on LIFFE.
From 1995, Steve then traded his own account, specializing in European Fixed Income markets. For many years he ran his own proprietary trading company, facilitating and educating traders.
In 2012 he joined PIA-First and assisted in restructuring the company and help build it into one of the UK’s leading, award-winning independent research houses.

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