EUR/JPY: Triangle break?

Scott Barkley ProAct Traders

Waiting: Currently we are at 143.14 out of a Symmetrical triangle. We are waiting for the breakout. Two scenarios: Bullish: a move to the ATR Target @ 121.14 area then to the resistance @ 121.50 2: Bearish: A break down here to the ATR Target @ 120.07 and then the 0.382 Fibo @ 119.81 The average daily true range (ATR) for the pair currently is 53 pips. WATCH THE USDX for more clues.

Author

Scott Barkley

ProAct Traders

Scott Barkley is the President of ProAct Traders LLC located in Round Rock, Texas. Scott graduated from the institute For Latin American Studies in Cuernavaca, Mexico.

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