CADJPY - Weekly analysis

Canadian Dollar/Japanese YenFXCM

Description

⋅ Dec 15, 2020 7:36 AM

CADJPY has been on a long term downtrend since 2017.
Price is testing the descending channel resistance.
Price action is printing an ascending triangle pattern.
Bullish ⬆️ - breakout above the ascending triangle resistance + descending channel resistance.
Bearish ⬇️ - breakdown below the ascending triangle support + previous swing low.

Comments

fxpays

⋅ Dec 15, 2020 8:02 AM

I’m short cadjpy, head and shoulders on 4 hour time frame

Chibuike_Odoh

⋅ Dec 15, 2020 8:26 AM

@fxpays yeah I've spotted it too. Waiting for the pattern neckline breakdown sell confirmation

fxpays

⋅ Dec 15, 2020 9:50 AM

@Chibuike_Odoh, ye same, I'm staying out until neckline is broken, good luck this week

Chibuike_Odoh

⋅ Dec 15, 2020 10:04 AM

@fxpays thanks mate

Harryc1010

⋅ Dec 15, 2020 8:36 AM

Yeah