This is my own idea based purely on technical analysis on 4 hourly period.
emerging from a double bottom over the last two days, this looks like a strong reversal. The uptrend has broken through the 20 MA, 50MA and 200 MA.
first resistance likely at 87.87. If it breaks through this, the next is 88.370
emerging from a double bottom over the last two days, this looks like a strong reversal. The uptrend has broken through the 20 MA, 50MA and 200 MA.
first resistance likely at 87.87. If it breaks through this, the next is 88.370
Note
My projection went on better than expected with CADJPY breaking through the 88.370 level and now at 89.905. Looks like it will attempt 91.00 before a likely reversal downwards.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.