Usd/jpy rising flag/pennant?

Hey traders,

I have been looking at some chart patterns and I found one just now hitting its entry signal.

In the USD/JPY weekly, there was a push from last Sept/Oct of about 1600 points and now there has been a typical flag/pennant signal of lower highs and higher lows. Last week price just broke the pennant for a continuation patter. Babypips.com says the next rally should be roughly an equivalent push to the previous one.

I started a thread about it, but I’m not getting a lot of hits on it. I’m considering entering the trade as the price right now is re-testing the triangle so when/if it bounces off the pennant, is where I’d enter at roughly 100.5.


What do you guys think?

Thing is not always as it seem to be

[QUOTE=“forex3747;569251”]Thing is not always as it seem to be[/QUOTE]

If you’re going to bother posting a comment like this, you should give an explanation about it. Please and thank you.

Congrats on identifying the Pennant Formation and the breakout. I hope you are catching some great pips. I had the Pennant identified weeks ago but missed the breakout. Thank you Keep us posted on how you trade is going.

[QUOTE=“LJay;569735”]Congrats on identifying the Pennant Formation and the breakout. I hope you are catching some great pips. I had the Pennant identified weeks ago but missed the breakout. Thank you Keep us posted on how you trade is going.[/QUOTE]

Thanks, I’m currently sitting at 75 pips profit but i am going to move my stop to 105.50 for 500 pips locked in and hopefully it will continue the nice push.

Congratulations in spotting this setup and hopefully the bulls will keep pushing upwards.

I see that the formation is more of a triangle pattern rather than a pennant though.

100.5 sounds like a good entry. That would give it a bounce above the pennant. Will have to wait and see. I am new at forex and have traded options in the stock market. Not a fan of that kind of trading. Currency trading is more to my liking as it has none of the expensive fees and commissions that options trading had. Hoping this will be a good fit for me. I like the fact that it is a 24 hr. market. Thank you for your insight. I’ve learned many of these patterns while trading options.

[QUOTE=“gladysjm;571302”]100.5 sounds like a good entry. That would give it a bounce above the pennant. Will have to wait and see. I am new at forex and have traded options in the stock market. Not a fan of that kind of trading. Currency trading is more to my liking as it has none of the expensive fees and commissions that options trading had. Hoping this will be a good fit for me. I like the fact that it is a 24 hr. market. Thank you for your insight. I’ve learned many of these patterns while trading options.[/QUOTE]

Interesting enough, either the hourly or 4 hourly chart had a 3 candle intrabar that broke out at 100.5 so im in this trade still.