Ascending triangle on the GBP/JPY

The Pound versus the Yen has found a good resistance on the 186.00 level, but it has not been able to break above it. However, on the 4 hour chart we can see that the price has formed an ascending triangle, which has bullish connotations. The ascending triangle formation has more probabilities of breaking to the upside, due to the fact that the lows are higher than the previous lows. This price action indicates that when the sellers try to bring the price down, they lose steam and the bulls come in and take the price back up. If we see a breakout of the 186.00 level, then we should wait for confirmation of the breakout plus the pullback before entering in a long position. It is not advisable to open a position before the price breaks out of the triangle, because it could come out in any direction.