SYMMETRICAL TRIANGLE FORMATION ON USDJPY

Price on the daily perspective has been capped within a symmetrical triangle for just over a month. Price is currently coming to the very end of the triangle and could potentially break to the upside or downside, giving two different scenarios for trading opportunity.

• In the case of a break to the upside: it is ideal to wait for a break of the resistance level 120.75 for a confirmation to go long. Targets 123.75 and 123.5
  
• In the case of a break to the downside: it is ideal to wait for a break of the support level 119 for confirmation of a short position. Targets - 116.5 and 116.25