Pure Price Action study:
CADJPY moved down after breaking a rising wedge mentioned at the 4H chart which is a bearish chart pattern. At the time being, CADJPY is trading near the resistance level of a rising formation signaling a near down move.
A break bellow the dotted line will confirm the bearish senario targeting the lower line of the mentioned formation.
As a long term target, we may see the price at 101.5 level, the beginning of the rising formation.
CADJPY moved down after breaking a rising wedge mentioned at the 4H chart which is a bearish chart pattern. At the time being, CADJPY is trading near the resistance level of a rising formation signaling a near down move.
A break bellow the dotted line will confirm the bearish senario targeting the lower line of the mentioned formation.
As a long term target, we may see the price at 101.5 level, the beginning of the rising formation.