Imperfect Symmetrical Triangle on USD/JPY

A chart pattern that is currently showing up on the daily USD/JPY chart can serve as an example of a B-class symmetrical triangle. Although it is long enough (consolidation started back in May) and there is sufficient number of touches both to lower and upper borders, it is not exactly symmetrical. To be more precise, the lower border is more horizontal than the upper one.
This pattern follows a rather long bullish trend and suggests a continuation on breakout, thus only upper breakout will be considered. As you can see on the chart below, the yellow lines mark the borders of the triangle, the cyan line marks the entry point, and the green line marks the exit point. Of course, they are purely hypothetical, but, nevertheless, I will be using them in my live Forex account. I will set my stop-loss loss to the breakout bar’s low or to the previous bar’s low if breakout bar will trade mostly outside the pattern. You can click on the image below to see the full-sized screenshot of the chart:

You can download my MetaTrader 4 chart template for this USD/JPY pattern. It can be traded using my free Chart Pattern Helper EA.
Update 2013-09-02 07:27 GMT: Long entry triggered at 98.695 just an hour ago. With stop-loss at 97.880 and the current take-profit at 104.852, risk-to-reward ratio is better than 1:7. Of course, it is important to remember that with a declining target line, TP will decrease everyday, eliminating parts of potential profits.
Update 2013-09-20 16:00 GMT:I apologize for such a late update, but this position closed about two days ago following the surprising Fed announcement. The exit price was 97.88. Here is the post-exit screenshot:

If you have any questions or comments regarding this symmetrical triangle on USD/JPY chart, please feel free to submit them via the form below.

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