CADJPY CUP AND HANDLE PATTERN

Greetings, fellow traders, and welcome to our analysis! I trust your trading week is off to a splendid start.

Today, our focus turns to CADJPY, where an intriguing Cup and Handle Pattern is forming on the daily chart. If you're eager to delve deeper into the world of Cup and Handle patterns, feel free to enhance your knowledge by clicking here: (www.tradingview.com/...-Trade-a-Cup-Handle/). But be sure to return here for the rest of this analysis!

Observing the price action, we spot a distinctive double bottom with a Low Cup at 104.247. At present, the price is positioned below the Breakout level at 110.624, and keen-eyed traders will note the ongoing development of the handle phase.

When the awaited breakout materializes at 110.624, we'll spring into action and execute the trade, securing our stops just below the previous low pre-breakout. Our sights are set on the first target zone: 62% at 120.845 and 79% at 123.620.

And that's not all – keep your trading antennas finely tuned, as additional setups may converge on smaller timeframes, further enriching our trading landscape.

Remember, trading is an ever-evolving journey. Stay vigilant, stay informed, and, most importantly, stay tuned for more exciting developments in the world of trading. Happy trading, everyone! 📈📉🚀

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