USD/JPY moves sideways inside of a symmetrical triangle, a valid breakout from this pattern will bring a great trading opportunity. The quote may register a strong move after escaping from this pattern.
Before choosing the direction, we have to wait for confirmation. An upside breakout followed by a jump above 106.73 suggests buying, while a downside breakout followed a drop below 105.33 suggests selling.
USD/JPY Trading TipsBuy from above 106.73 with a potential target at 108.09. The Stop Loss could be placed somewhere below the 105.80 level.
Sell after a drop below 105.33 level with a downside target at 104.31 level. You can place your Stop Loss order above 106.45.