【ETHJPY】Moving into a new symmetrical triangle consolidation

In the July 16 post “Will ETHJPY Break Free from the Triangle Consolidation?” I described a triangle consolidation formed between the upper resistance line drawn through the high on January 13, 2018 and other points, and the lower support line drawn through the low on March 30, 2018, and noted that the question of whether it could break higher was of interest.

Since then there hasn’t been a clear breakout, but there has been a slight uptick as the lower support line has risen. Therefore, I will treat the current situation as still within consolidation and draw a new upper resistance line by connecting the May 6 high and the July 17 high, thereby focusing on this smaller triangle consolidation. I believe the center of the consolidation is around 510,000 yen where the 20SMA runs, and as the triangle tightens from here, I plan to observe whether it will break upward or downward, or continue to consolidate.