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CADJPY Rising Wedge to Produce Selling Opportunity

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Like the rest of the yen crosses, CADJPY has been directionless for the better part of this year.

The pair has been ranging between 81.70 and 84.00 since early March.

But sometimes these ranges can offer opportunities.

For instance, the CADJPY price action since late March suggests we could see the pair return to those range lows just below the 82.00 handle.

The rising wedge on the 4-hour time frame hints at an imminent breakdown.

And if this pattern plays out like most, CADJPY could be on its way to 81.70.

At the moment, sellers need to clear wedge support on a 4-hour closing basis.

Until then, there isn’t much to do here.

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While sellers may take CADJPY past the 81.70 low, I would be careful not to get too ambitious here.

Most Forex pairs have been range-bound so far this year.

The CADJPY is no exception.

That means it’s a good idea to keep expectations limited by what the market has produced in these last few months.

In other words, prices between 81.70 and 84.00.

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CADJPY 4-hour rising wedge pattern

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7 comments
Justin Bennett says

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Adebayo saheed says

Thanks

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    Justin Bennett says

    You’re welcome.

    Reply
Prashant says

looks like CJ if can garner support at 83.6 around then can move higher into 84.x .. btw most of the J pairs looks like getting ready for next leg up .. ofcourse that shud boadly go with J moving into 113-114 and overall stock mkts up.

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    Justin Bennett says

    I maintain my views above. I also see nothing to indicate that most yen pairs are getting ready for the next leg up. They’re all either sideways or trending lower. That’s been the theme since early 2018.

    Reply
      Pierre Mifsud says

      I see just strength in the CAD pairs…..CADJPY no exception……that means US oil likely to make fresh gains to the 70.3 – 72.5 handle

      Reply
      Prashant says

      tks Justin for ur reply. i just feel constructive on Usdjpy to challenge 114 .. mkt wise it has given sufficient clue of it giving V shaped recovery post 105.x and further pivoted at 110 area on this upside .. i dont know why you dont see this move. cadjpy in particular has given possibly ABC correction on dailies from 85.x now possibly moving next leg up .. but ofcoz things can change. lets see.

      Reply
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