Summer-Long Ascending Triangle on EUR/JPY

A strong bullish trend is active on EUR/JPY since July last year. That growth has notably stalled following a peak in late May this year. The currency pair has spent this Summer forming an ascending triangle pattern that now looks complete and is ready to burst.
The pattern itself is shown with the yellow dashed lines on the image below. Overall, the triangle looks very strong. Only upward breakout should be considered for trading here as it is a clearly a case of a continuation pattern following a strong rising price wave. My entry point is shown with the horizontal cyan line. My profit target is shown with the horizontal green line (100% of the triangle’s height added to the breakout line). I will use breakout bar’s low as my stop-loss. You can click on the chart below to enlarge it:

You can download my MetaTrader 4 chart template for this EUR/JPY pattern. It can be traded using my free Chart Pattern Helper EA.
Update 2013-09-10 14:26 GMT: Long position triggered at 13:15 GMT today. The entry price is 133.10, stop-loss was set to 130.98. The take-profit level is 139.89 (quite far). Post-entry chart:

Update 2013-12-03 11:36 GMT: Exited at take-profit of 139.894 at 4:28 GMT today. Even with some small negative swap collected over 12 weeks during which the trade has been active, the 3.2 reward/risk ratio made the wait worthwhile. My only active Forex trade as of now is the 
long-term CHF/JPY ascending triangle setup. The trade end screenshot of EUR/JPY daily chart looks like this:


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