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CADJPY Triangle Forming At Major Support

CADJPY Triangle Forming At Major Support

Paul Robinson, Strategist

Talking Points:

  • CADJPY price range working its way towards a triangle
  • Triangle building at major 9400 support level
  • Above 9530 = Bullish Breakout, Below 9400 = Bearish Breakdown

On Monday I posted a chart of CADJPY showing a confluence of support levels. Over the course of the past few sessions a triangle has emerged on the hourly chart. Eyes on 9525, yesterday’s high, for a confirmation breakout with trade below 9400 negating the bullish bias. On a bullish breakout, initial target at 9670 (1/16 low).

CADJPY 1-Hour: Jan ‘15

--- Written by Paul Robinson, DailyFX Research

To contact Paul, you can email him at instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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