The Zar/Jpy pair broke the 200sma Lower Bollinger Band box to the upside. It formed a Double Bottom Formation. Initially price was trapped between the 50sma (dotted blue line) and the lower band. Upside price move out of the latter provides extra evidence of a true breakout. Expected to travel till the 200sma base (red line) on the next several months. Opportunities may arise on shorter term 800sma graphs taking into consideration this bullish bias.
Disclaimer: I trade the patterns depicted either at the entry point stated (e.g. trading channel, breakouts) or afterward. Although my trades are based on technical analysis, trading forex is a risky activity and may produce significant monetary loss. I only make public the trades that I am considering to make, or made and the rational for them. Not intended necessarily as trading recommendations. By SurpriseTrade@gmail.com and ForexGuy.org@gmail.com
