Symmetrical Triangle Spotted On USDJPY

USDJPY symmetrical triangle 1hr July 12, 2013

A symmetrical triangle chart pattern is spotted on the 1-hour chart of USDJPY. A breakdown from this pattern may send it down to a target of around 97.75. On the other hand, a break to the upside may send it higher to at least 100.00. But since the pattern has formed within a downtrend, a downside breakout is more likely to happen.

 

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