Hello guys, this is my analysis on CADJPY.
There is a bullish cup pattern underneath, with neckline at 99.324. This is 470 pips in range.
If the price stays above 99.324, it has a maximum upside potential to 104 area. 100% tp of the cup pattern.
Right now the PA is forming a bullish symmetrical wedge pattern. I expect the price to break the upper trend line and tp 102.5. This is also the 100% target of symmetrical triangle.
Now, given that 102.5 is actually a pretty strong support turned resistance zone on higher time frame, I expect the price to fall back and retest 101.25 support zone.
Price may stall again and form different type of bullish pattern. An ascending triangle, a bullish flag, a head and shoulder pattern whatsoever.
Generally speaking, look for restest of 101.25 area, next target 104
There is a bullish cup pattern underneath, with neckline at 99.324. This is 470 pips in range.
If the price stays above 99.324, it has a maximum upside potential to 104 area. 100% tp of the cup pattern.
Right now the PA is forming a bullish symmetrical wedge pattern. I expect the price to break the upper trend line and tp 102.5. This is also the 100% target of symmetrical triangle.
Now, given that 102.5 is actually a pretty strong support turned resistance zone on higher time frame, I expect the price to fall back and retest 101.25 support zone.
Price may stall again and form different type of bullish pattern. An ascending triangle, a bullish flag, a head and shoulder pattern whatsoever.
Generally speaking, look for restest of 101.25 area, next target 104