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
