Looking at a triangle breakout in CADJPY, I'm thinking a breakout to the upside hitting some consolidation levels around the 83.500 area.
While we are trading below the 200 SMA we have popped up and down a lot so I feel like the market is waiting for a clear decision. As is common after the first breakout expects it to come back in and fake for that to be a fake then for the real break out to happen so don't worry if you SL get triggered the first time.
- Although saying that it may just be a full breakout as we are so so close to the end of the triangle but be ready for a breakout to either side!
While we are trading below the 200 SMA we have popped up and down a lot so I feel like the market is waiting for a clear decision. As is common after the first breakout expects it to come back in and fake for that to be a fake then for the real break out to happen so don't worry if you SL get triggered the first time.
- Although saying that it may just be a full breakout as we are so so close to the end of the triangle but be ready for a breakout to either side!