The USDJPY triangle pattern on the daily is winding up tight!
Sometimes the best trade is “no trade” and that is probably the case with the USDJPY currently. With triangle support near 112.50 and resistance at 113.75 the pair is finding up tightly to be an explosive move higher or lower into the end of the year. If a topside break is to occur, the 114.50-75 resistance zone has been a major resistance most of 2017-18. A break of support could send us towards 111.00 where the 200 dma resides.
Blake Morrow
