Wednesday Market Analysis: CAD/JPY

Hello traders,

let’s hit them charts:

1. CAD/JPY

Last week, after price reached 109.972 resistance level, the bulls fizzled out and price dropped.

This week, I was thinking that the bulls may gather momentum once again, and try to break last week’s resistance level (109.972), but the exact opposite is happening.

On the 4-hour time frame, we can see a classical head and shoulders formation and the neckline or support zone convincingly broken. For now, it may be too early to sell, so I will wait for the close of the daily time frame before I engage this pair

If my bearish bias is supported, then we shall join sellers to ride price to NPSZ.

What say you?

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