CADJPY Forecast -- Triple Bottom and Inv HS Pattern
Updated
CAD/JPY is giving us a great setup long term. We've received a triple bottom with a wide range bar closing on its high in follow through -- the icing on the cake is that that happened in the larger context of two larger patterns, one monthly and one weekly. The weekly pattern is an Inverted Head and Shoulders Setup.
At the time of this posting we are close to news from the BOJ -- this may very well grant us volatility movement forward or against. I wouldn't be surprised if this pair either tested lower with a large drop on the hourly before going higher or if it accelerated higher on the news.
Trade is active at the higher close -- targeting 87 - 90 over the next 1 - 3 months.
-Always use a stop
-Trade only with money you can afford to lose
-Be open to multiple scenarios
-It's okay to be wrong about anything
Note
Advanced directly to target.
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.