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Canadian Dollar / Japanese Yen
Long

Big H&S?

By The_Cannalyst
Updated

After breaking the long/midterm downtrend (2015-2017) , an CADJPY is forming an inverse H&S. Today we have reached ist neckline - this is the Level to watch!
What to do with such a pattern?
Ideas:
Procyclical Breakout Longszenario: Stopbuy near above the neckline with TP1: 4 / TP2: parity/102 and a stopp perhaps at the 38,2 fibo at 85,7 snapshot
Anticyclical Short: Sell the actual level with a stopp near above the neckline - tp could be the38,2 fibo @ 85,7 snapshot

Watch the RSI! The likelihood for a tiny consolidation at the present niveau should be planned before the main move is coming :)
cheers and good luck
Note
rsi is short before a buying signal snapshot the ema 200 could be a nice entry ?
Head and Shoulders
The_Cannalyst

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