2018Oct12 NZDJPY H1 Ascending Triangle

NZDJPY has recently reversed its downtrend. The bulls have been more aggressive than the bears leading to the formation of an ascending triangle. Upon a candlestick breaking and closing above the horizontal resistance, I will go long. Stop loss is just below the swing low while the take profit target is at the 50.0 Fibonacci retracement level of the swing high to swing low. There appears to be enough room above before the trendline resistance. Trade details are as follows:

Trade Setup: Ascending Triangle
Price Entry 73.330
SL 72.851 | SL pips 47.9
TP1 73.934 | TP1 pips 60.4
RRR1 1.26