CAD/JPY 4H Chart: Triple Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rare triple bottom pattern was formed by CAD/JPY on the last day of 2013. After crossing pattern's resistance on January 23, the pair began moving sideways, fluctuating in a 320-pip move. Nevertheless, on March 6 bulls pushed the pair above the upper trend line, while just recently the pair refreshed this year's low. At the moment of writing the price was struggling to inch above the 200-period SMA and daily R2. This is unlikely to happen, as 68% of traders are holding short positions, while aggregate technical indicators on a weekly chart are sending ‘sell' signals. Bears should focus on this year's low, however, earlier they will have to penetrate weekly pivot at 91.330.
© Dukascopy Bank SA
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