USD/JPY- A bullish pattern has formed

The USD/JPY pair has formed an ascending triangle pattern on a 30 minute time frame. The ascending triangles usually break towards the upside and if this pattern does break to the upside it could push the price near the yellow rectangle shown on the chart. However, the price is trading below the 50 day (shown in green) and 100 day (shown in yellow) moving averages which confirm that the bulls have lost their control. The volatility for the pair remains low as the price is trading within the Bollinger band and close to its 20day moving averages.

Technical Analysis

EUR/USD- Symmetrical triangle formed

The EUR/USD pair has formed a symmetrical triangle pattern on a 30 minute time frame. The symmetrical triangle patterns usually break out in the direction of the trend and in this scenario if this pattern does break out towards the upside it could easily push towards its resistance level. The pair is trading below the 50 day (shown in green) but above the  100 day (shown in yellow) moving averages which confirms that the bulls are still in control of the price action.

Technical Analysis