CADJPY: Multiple Timeframe Analysis, Double Top and Rising Wedge
Updated
Hello Fellow Global Forex Trader, Here's a Technical outlook for CADJPY!
Price Action Analysis
On the Daily Timeframe, CADJPY is moving below EMA200. Then, the Pair retested the previous neckline of the double-top and formed a rising wedge pattern, indicating a possible downside movement. The MACD Indicator made a death cross, signifying a potential downside movement to the target area.
On the H4 Timeframe, CADJPY also created a breakout of the double top pattern, confirming the bearish scenario ahead.
All other explanations are presented on the chart.
The roadmap will be invalid after reaching the target/ resistance area.
Support the channel by smashing the rocket button and sharing your opinions in the comment below!
"Disclaimer: The outlook is only for educational purposes, not a recommendation to put a long or short position on the CADJPY"
Price Action Analysis
On the Daily Timeframe, CADJPY is moving below EMA200. Then, the Pair retested the previous neckline of the double-top and formed a rising wedge pattern, indicating a possible downside movement. The MACD Indicator made a death cross, signifying a potential downside movement to the target area.
On the H4 Timeframe, CADJPY also created a breakout of the double top pattern, confirming the bearish scenario ahead.
All other explanations are presented on the chart.
The roadmap will be invalid after reaching the target/ resistance area.
Support the channel by smashing the rocket button and sharing your opinions in the comment below!
"Disclaimer: The outlook is only for educational purposes, not a recommendation to put a long or short position on the CADJPY"
Comment
Comment
Falling Wedge on JPYBASKET, Indication of Bearish Momentum for CADJPYTrade closed: target reached
Done Target 1, Second Target Here We go?Trade closed: target reached
Done Target 2, See ya in the next roadmap!
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