EJ Forms "Symmetry" but Signals A Breakout Soon EUR/JPYOANDA:EURJPYNovi_FibonacciThis year, EURJPY has found itself quite Consolidated between a 181 and 187 price range, while currently trading around 184. Within the past couple weeks, we can see an even tighter Consolidation happening in the form of what is called a Symmetrical Triangle! Now a Symmetrical Triangle forms when a balance is found between the Buyers (Bulls) and Sellers (Bears) with a Falling Resistance and a Rising Support into a fairly tight Price Point where typically we see price make an extreme Breakout of either the Resistance or Support leg of the Pattern, verifying either the Bulls or Bears have won out. Now respectfully, either scenario is possible so it is important to wait for a Valid Breakout and Successful Retest with added Confirmation. - Indicators like Volume, RSI and the MACD all show tells that this pair is truly in a Consolidation Phase and with a Breakout, will exhibit strong fluctuations in data strengthening the Bullish or Bearish Breakout! Fundamentally, we seen a great deal of Bullish outcomes in the month of May for the JPY like: - M2 Money Stock y/y posting a .3% increase from 2% to 2.3% meaning more money is circulating in the Japanese economy meaning consumers and businesses have greater access to finances. - PPI y/y increasing 2% from 2.9% to 4.9% meaning the expectations of Interest Rate hikes could rise given the Producers Price Index is typically found as a good warning tool for early Inflation. Also lets not forget the serious Intervention we witnessed with the JPY talked about by Japan Finance Minister to help "prop up" and stabilize the falling Japanese Yen! This week EUR and JPY will have market moving news events so stay vigilant!