GBP/JPY Day Trade Idea – 15 Minute Chart

It is June 9 and I just got back from a short trip which was why there was no updates over the last week. Some large moves occurred and hopefully you were all able to capture some profitable trades.

The GBP/JPY has formed an ascending triangle which provides a potentially good trade set up. This pair has extreme movements at times, and therefore the triangle is not perfect but still very tradable.   I have drawn two lower trendlines on the chart below, which are both potential entry points.

A move above 159 would be relatively straight forward and would target 160. An intermediate target of 159.60 can also be used.

A break lower will currently at 158.60 (higher rising trend line) or 158.40 (lower rising trend line). A break below the higher rising would mean a profit target of 70 pips from the breakout price. A break below the lower rising trend line would provide a target of 100 pips from the breakout price.

Please read the latest How to Use the Trade Ideas blog if you have questions. If you still have questions after, feel free to comment.

Want to know more about trading chart patterns and how to increase your odds of success? Check out my new ebook…you can find more information on it here

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!