The S&P 500 is trading at new highs. GBPJPY is highly correlated to the S&P 500, but has not broken out of a triangle. GBPJPY has just rebounded from the daily 23.6% Fibonacci level which is bullish.
As I mentioned in a recent Charts in Play, flag formations are one of my favorite chart patterns to trade. These triangles generally represent continuation patterns or pauses in a major trend.
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