FX.co ★ USD/JPY trapped inside triangle pattern

USD/JPY Sideways Movement!

The USD/JPY pair continues to move in range in the short term. The price action developed a triangle pattern, so personally, I'll wait for the price to escape from this formation before buying or selling.

As you can see, the rate is trapped between 136.36 and 134.89 levels. USD/JPY retested the triangle's downside line which is seen as a downside obstacle and now it approaches the upside line, the downtrend line which stands as an upside obstacle.

USD/JPY Trading Conclusion!

Jumping above the downtrend line and above 136.36 could signal further growth and could bring new buying opportunities.

Dropping and stabilizing below the uptrend line and under 134.89 may announce more declines and could help the sellers to catch a downside movement.