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Patterns are graphical models which are formed in the chart by the price. According to one of the technical analysis postulates, history (price movement) repeats itself. It means that the price movements are often similar in the same situations which makes it possible to predict the further development of the situation with a high probability.
Relevant patterns by InstaForex is an easy-to-use service which allows you to be aware of latest changes in the market and react to clues from the market in time. In our service you will always find the latest and most relevant patterns on any pair and any timeframe.
Bullish Symmetrical Triangle was formed on 29.07 at 06:18:11 (UTC+0) signal strength 1 of 5
According to the chart of M5, EURJPY formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 123.10/123.21 whereas the upper border goes across 123.29/123.21. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of EURJPY will breach the upper border to head for 123.36.
The M5 and M15 time frames may have more false entry points.