CADJPY ASCENDING TRIANGLE(BULLISH BREAKOUT)?
Analysis of #CADJPY
We see price locked in a pattern(ascending triangle) which signifies a breakout is bound to occur soon. We look to see more buying power from the BULLS this week which will cause price to skyrocket to previous resistance zones.
An ascending triangle is a type of triangle chart pattern that occurs when there is a resistance level and a slope of higher lows. What happens during this time is that there is a certain level that the buyers cannot seem to exceed. However, they are gradually starting to push the price up as evidenced by the higher lows. We see from this chart that the buyers are gathering more momentum which results in the higher lows, if we get an open above last week's close on the W1 time frame, it signifies this week would close up as a BULLISH BREAKOUT and cause this analysis to till be valid. But we could get an open at par (same level as previous week's close) which will signify a continuation of structure for the BEARS.
If you find this helpful, help support with like and follow.
Thanks.
GOODLUCK guys.
We see price locked in a pattern(ascending triangle) which signifies a breakout is bound to occur soon. We look to see more buying power from the BULLS this week which will cause price to skyrocket to previous resistance zones.
An ascending triangle is a type of triangle chart pattern that occurs when there is a resistance level and a slope of higher lows. What happens during this time is that there is a certain level that the buyers cannot seem to exceed. However, they are gradually starting to push the price up as evidenced by the higher lows. We see from this chart that the buyers are gathering more momentum which results in the higher lows, if we get an open above last week's close on the W1 time frame, it signifies this week would close up as a BULLISH BREAKOUT and cause this analysis to till be valid. But we could get an open at par (same level as previous week's close) which will signify a continuation of structure for the BEARS.
If you find this helpful, help support with like and follow.
Thanks.
GOODLUCK guys.