FX.co ★ USD/JPY trapped within triangle pattern

USD/JPY seems undecided

The USD/JPY pair moves somehow sideways in the short term. The price action developed a triangle chart formation. Escaping from this pattern could bring new trading opportunities and a clear direction.

In the short term, as long as it stays below the downtrend line, under the triangle's upside line, USD/JPY could come back down towards 112.76.

USD/JPY trading conclusion

The currency pair could extend its uptrend and climb towards new highs if it jumps above the downtrend line and above 114.16 former high. On the other hand, staying below the downtrend line and dropping below the 112.76 downside obstacle could announce a larger downside movement.