GBP\JPY Analysis: Asymmetric Triangle, 200 Pips Target

GBP\JPY has formed an Asymmetric Triangle formation in the last 3 days. This is one of the most reliable chart patterns that provides precise entry points with high-probability for success. The pattern is well validated: 3 peaks at Support and 5 touches of Resistance. Resistance is also on a strong round number - 162.00, which validates the strength of the level.

Pattern is about 200 pips in profit and should is expected to break upwards, reaching projected target of 164.20 after the breakout.

Trading
Upon touch of price in the Support trendline - take Long trade. If price reaches 162 Resistance, close trade as it is possible for price to retest Support.
Upon breakout and pullback to 162 Resistance - Enter a long. This is a high-quality trade that allows us to enter a larger position than usual.