CADJPY: Bears Are Unconvinced +Triangle and Double Bottom
Technical reasons to buy:
Technicals:
Horizontal resistance @93.26 from November 2015 is being tested. A break above this level will bring out all the bullish fervor and convert many bears to bulls, as volume transactions will increase, supporting the bulls.
Currently, weekly & Monthly charts point to a massive double bottom without volume confirmation. A breach above 93.26 with volume will confirm the double bottom.
Bull flag
Triangle with volume not giving any clear way for the bears. Volume decreasing as the price gets near the apex of the triangle.
Target: 99 and 101
Technicals:
Horizontal resistance @93.26 from November 2015 is being tested. A break above this level will bring out all the bullish fervor and convert many bears to bulls, as volume transactions will increase, supporting the bulls.
Currently, weekly & Monthly charts point to a massive double bottom without volume confirmation. A breach above 93.26 with volume will confirm the double bottom.
Bull flag
Triangle with volume not giving any clear way for the bears. Volume decreasing as the price gets near the apex of the triangle.
Target: 99 and 101
Comment:
Monthly double bottom:
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.