CADJPY: Riding the Bullish Wave Towards New Highs
Hi Realistic Traders, let's delve into the technical analysis of
CADJPY
CADJPY is currently trading above the EMA90 line, indicating a robust bullish trend. The formation of a symmetrical triangle pattern further supports this trend continuation. On March 28, 2024, the price broke out of the symmetrical triangle pattern with a bullish full-body candlestick, affirming the bullish sentiment. Subsequently, an inside bar pattern emerged, and the recent breakout above its high suggests a potential upward movement toward the first target area. A retracement to the previous resistance zone is anticipated after reaching the first target, followed by a potential push toward a new high or the second target.
It is essential to note that the analysis will no longer hold validity once the target/support area is reached.
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on CADJPY."
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below
CADJPY
CADJPY is currently trading above the EMA90 line, indicating a robust bullish trend. The formation of a symmetrical triangle pattern further supports this trend continuation. On March 28, 2024, the price broke out of the symmetrical triangle pattern with a bullish full-body candlestick, affirming the bullish sentiment. Subsequently, an inside bar pattern emerged, and the recent breakout above its high suggests a potential upward movement toward the first target area. A retracement to the previous resistance zone is anticipated after reaching the first target, followed by a potential push toward a new high or the second target.
It is essential to note that the analysis will no longer hold validity once the target/support area is reached.
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on CADJPY."
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below
Zlecenie aktywne:
Still moving above the pattern, we still have positive outlook on this one
Komentarz:
Breakout Base with an impulsive candlestick, signifies a possibility of upward movement
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