USDJPY nearing breakout from symmetric triangle

Usually this should be a neutral bias to wait for breakout in one direction and wait for retracement before joining the fun but looking at the technical indicators and price action, there is a higher chance of price breaking lower than higher. 106.37 looks a good point to short with a high risk to reward ratio. On the flip side, a convincing break above this point would likely bring the 108 area into play.


Disclaimer: this is by no means a financial advice, it is my way of sharing my trade ideas with the community. Any decision you make from this analysis is entirely yours and has nothing to do with me.