USDJPY on an ascending triangle?
USDJPY on the daily chart is moving between a daily resistance and an ascending trendline creating a potential ascending triangle.
The ascending triangle is known as a continuation pattern so after. confirmation we can look for an upside trend.
I can spot in the last candles a potential bull flag too before the price continues to the resistance structure.
A minor concern of the continuation might be given by the descending trendline in purple that the market is currently trading around.
How can we approach this scenario?
I will wait for the European market to open and check for a possible break above the resistance.
In that case i will be looking for a long order according to Plancton's strategy rules.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
The ascending triangle is known as a continuation pattern so after. confirmation we can look for an upside trend.
I can spot in the last candles a potential bull flag too before the price continues to the resistance structure.
A minor concern of the continuation might be given by the descending trendline in purple that the market is currently trading around.
How can we approach this scenario?
I will wait for the European market to open and check for a possible break above the resistance.
In that case i will be looking for a long order according to Plancton's strategy rules.
–––––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
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