GBPJPY Short Term Triangle

Published August 21st, 2009 - 12:41 GMT
Al Bawaba
Al Bawaba

A triangle appears to be unfolding since the low was made at 153.44.  Triangles are continuation patterns so favor a break below 153.44 before a more important low forms.  Short term resistance is at 156.00 and price ideally remains contained by the resistance line drawn off of the August 10th, 13th, and 20th highs.