Thank God It’s Friday fam,
It has been an eventful week for me in the market, how did this week go for you in the market?
Well, I am currently looking at a particular pair.
1. CAD/JPY
On Tuesday we analysed the CAD/JPY, if you missed out on it, you can check here.
After CAD/JPY broke out from a resistance level (82.206) of a descending expanding pennant on the daily chart, the bulls picked up momentum until they hit resistance level (82.835),
Afterwards, price formed a descending channel, which lead to the consolidation of price within a pennant.
A bullish breakout through level 82.217, should take price above price level 82.423, and a bearish breakout through 81.999, should take price below level 81.720.
This is a 50/50 setup, a breakout from either side may rule the trend for the day.
What are your views on this pair?
Wishing you all a great weekend, see you on Sunday with our weekly analysis.
