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."

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Trade active:

Still moving above the pattern, we still have positive outlook on this one

Comment:

Breakout Base with an impulsive candlestick, signifies a possibility of upward movement