AUDJPY - Ascending Triangle Breakout

One of the pairs that we covered in today's Trading Edge series was the AUDJPY. At the time it was setting up a breakout pattern called an ascending triangle which would give us a projected break to the upside. As I type this the breakout is still in progress, but that doesn't mean that the opportunity to get involved isn't.

There are a few different ways to trade breakout patterns with the 3rd and most conservative way being a pullback into previous structure.

Now I would warn you to be aware of the Bank of Japan Monetary Policy Statement that is coming out tonight during a low liquidity time in the markets. Expected is a dovish tone from the BOJ but if I've learned anything in my time being a trader it's to expect the unexpected.

Your Trading Coach - Akil