This Yen Chart Shows A Textbook Market

The yen chart is a textbook charting market – it has a long history of providing very reliable pattern signals, as shown on the weekly chart dating back to early 2011.

USD/JPY – 1

The advance on October 4 appears to have completed a possible 16-week symmetrical triangle bottom – remember that the symmetrical triangle pattern is far less reliable than horizontal patterns such as the H&S, rectangle and right angle-triangles. In order to be confirmed, a breakout of a symmetrical triangle bottom needs a decisive close above the last intermediate high in the triangle – marked as point #4 at 104.32 on the daily graph. A confirmed breakout on the yen chart would have a minimum target of 109.

USD/JPY Daily Chart

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