Currency
by Seth Parker on October 2, 2018

CADJPY Analysis – Denied H&S pattern

The last technical analysis today is about rather an exotic pair – CADJPY. We already mentioned the CAD here and we are very positive about the future of this currency. On both setups, here we are optimistic too and we have good reasons to think that. CADJPY is having a very nice, technical bullish setup, here it is:

cadjpy chart

As You can see, the price was forming a huge Head and Shoulders pattern (yellow). That was negative but this pattern got denied and traders did not manage to break the neckline (black). Instead of that, the price went higher and in the previous week, broke the long-term down trendline (red). Along with the trendline, buyers managed to break the horizontal resistance around 87.

As for now, the buy signal is on. The potential target is on the orange resistance and chances that we will get there are very high. Positive sentiment will be denied, when the price will break the green support, which in current situation is very unlikely.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

More content by Seth Parker

Comments (0 comment(s))