Chart Forecast: CADJPY Selling Opportunity Spotted

Price on the weekly chart has been trending to the downside for some period. Looking at the chart price could possibly move down back to the support level before breaking to the upside. Also noting that we are on a downtrending market so we look for more selling opportunities on the lower timeframe

The 4 Hours chart projection shows a broken ascending channel which we expected to move down but unfortunately price reversed back up and now formed another possible DOUBLE TOP PATTERN. We have identified our top and the neck line. We move down to the 1 Hour chart for entries.

On 1 Hour Chart we observed a reversal pattern at the resistance on our double top. Giving us a good high probability setup to go Short


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Scroll to top