CADJPY : Bullish Gartley and the falling wedge. Targets higher.
I have published a bullish harmonic pattern yesterday.
We see a falling wedge pattern on the H4 chart. 88.92 is the long-term resistance.
Fundamentally: BoC will go to the rate hike. BoJ is just reducing the purchasing bonds.
I was predicting an earlier bullish move on CADJPY. However, BoJ decision of reducing the purchase of the bond created a bearish pressure on the pair.
Technically, the breakout of the falling wedge may boost CADJPY and the price may meet the resistance area very fast. And the bulls will come back to stage eager than before at this level.
Conclusion: Pay attention to breakout of the falling wedge. Technically, we may see 90.90, 92, 93.50,94.10 in the midterm.
We see a falling wedge pattern on the H4 chart. 88.92 is the long-term resistance.
Fundamentally: BoC will go to the rate hike. BoJ is just reducing the purchasing bonds.
I was predicting an earlier bullish move on CADJPY. However, BoJ decision of reducing the purchase of the bond created a bearish pressure on the pair.
Technically, the breakout of the falling wedge may boost CADJPY and the price may meet the resistance area very fast. And the bulls will come back to stage eager than before at this level.
Conclusion: Pay attention to breakout of the falling wedge. Technically, we may see 90.90, 92, 93.50,94.10 in the midterm.
Note
Resistance is 89.90. Sorry for the mistake.
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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.