Symmetrical Triangle - breakout of GBP-JPY upside/downside

27 thg 9, 2014

The GBP-JPY is shown with the symmetrical triangle, posting higher lows and lower highs over the past two weeks. This pattern could indicate a breakout to either the up or downside. The Bollinger bands are also squeezing closer together indicating a breakout. For a bullish move, the price action should close above the upper Bollinger band and move out of the triangle in the upward direction. For a bearish move, the price action should close below the lower Bollinger band and move out of the triangle in the downward direction.