Those Yen triangles I’ve been tracking!

I have been tracking some triangle on various Yen pairs since last year and as luck, or rather bad luck, would have it some of these have made their breakout moves over the recent holiday period whilst I was away. Here is an update on these moves.

EUR/JPY:

This was how the E/J 4hr chart looked when I last updated just before I left for holidays: EJ4

This is the 4hr chart as it appears today. There has been a recent TC signal but, more importantly, a triangle breakout. The breakout alone has given almost 200 pips.

EJ4

E/J daily: the breakout in progress:

EJdaily

E/J weekly: there could be some ‘Double Bottom’ support from the 126.50 level but, if that fails, then the 2,000 pip triangle breakout move could evolve:

EJweekly

If the 126.50 does give way then I’d be watching fib levels after that:

EJweekly

GBP/JPY:

GBP/JPY: From that same Dec 13th post I had noted a 1,600 pip triangle brewing on the GBP/JPY chart. This was how the daily chart looked back then in that post:

GJdaily

The daily chart today shows the triangle breakout has yielded up to 900 pips. Note the confirmation of this breakout from the ADX:

GJdaily

The weekly GBP/JPY shows that 167 is a congested area and might offer support if price action gets down that low:

GJweekly

USD/JPY:

The USD/JPY is currently testing the support of a 3 1/2 year trend line and looks like it will make a daily candle close below that level. However, a trend line for this duration needs to be monitored for any breach on the weekly and even monthly chart.

U/J 4hr: there has been a recent 4hr chart based TC signal to SHORT but this hasn’t moved too far just yet:

UJ4

U/J daily: this chart shows a lot of horizontal support through the 117 region:

UJdaily

U/J weekly: watch for any channel breakdown on this weekly time frame though. Potential support areas below this region have been highlighted on the chart:

UJweekly

U/J monthly: I’ve had a potential ‘Inverse H&S’ as a possibility here and, if this channel support gives way, then this pattern could well evolve. Whether the BoJ would stand idly by and let this happen is another matter though!

UJmonthly

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