CAD/JPY: a pattern has emerged

CAD/JPY: a pattern has emerged

Information is not investment advice

It looks like CAD/JPY formed a “Head and shoulders” pattern. The pattern may not look very pretty but it has all the required elements. The pair broke below the neckline in the 82.40 area on Friday. On Monday, the price attempted to get higher but the neckline provided resistance.

CAD/JPY is also trading below the 38.2% Fibonacci retracement of the January-March advance. As a result, the levels to target on the downside lie at 81.35 (50% Fibo) and 80.45 (61.8% Fibo).

CADJPY.png

Similar

EUR/NZD has stumbled

On the W1, EUR/NZD formed a candlestick with a long upper wick - a sign that sellers are strong in the 1.76 area.

GBP/JPY: trading on Brexit

What is the best way to bet on the positive outcome of the Brexit deal? Technically, the GBP has bullish potential versus the JPY.

Popular

EUR/NZD has stumbled

On the W1, EUR/NZD formed a candlestick with a long upper wick - a sign that sellers are strong in the 1.76 area.

GBP/JPY: trading on Brexit

What is the best way to bet on the positive outcome of the Brexit deal? Technically, the GBP has bullish potential versus the JPY.

Choose your payment system