Tricky Friday presents us with CAD/JPY

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

CAD vs 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.

 

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