FX.co ★ Trading idea for the USD/JPY pair

Weak demand for the US dollar has dragged the USD / JPY pair down to the lowest quotes. But even at such lows, the bulls still have hope.

The chart below shows how the quotes have pulled back to best price levels, which are within the large daily triangle:

It is not clear yet when the price will go out of this range, but, relying on the bullish pullback, the best strategy to escape it is as follows:

The plan is simple: wait for the quotes to move above the triangle, and then work for another pullback, but this time only half of the earlier price movement.

Such is a classic method of removing existing triangles, which also follows the Price Action and Stop Hunting strategies.

Good luck!