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USD/JPY in Short-Term Descending Triangle Correction

The US dollar has been correcting against the Japanese yen since February 17, forming a descending channel pattern. Now, the pattern can serve as a continuation trigger for a greater long-term uptrend in the USD/JPY currency pair.

The image below shows the channel as two declining parallel yellow lines. My potential entry level is a the cyan line, which is positioned at 10% of the channel’s width above the upper border. I will set my take-profit to where the green line is (at 100% of the channel’s width above the upper border). The stop-loss level isn’t shown on the chart because it will be set to the low of the breakout candle. However, if the breakout candle trades mostly outside of the channel, the stop-loss will be set to the low of the preceding candle instead. I will ignore bearish breakouts from this bullish continuation setup.

USD/JPY - Descending Channel Pattern on 4-Hour Chart as of 2021-02-20

I detected this channel using the Channel Pattern Detector indicator and built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this USD/JPY pattern. You can trade it using my free Chart Pattern Helper EA.

If you have any questions or comments regarding this descending channel on the USD/JPY chart, please feel free to submit them via the form below.

Posted on Forex blog.

from Forex Blog https://www.earnforex.com/blog/usd-jpy-in-short-term-descending-triangle-correction/

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