CAD/JPY 4H: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 187-bar long Double Bottom pattern was formed by CAD/JPY. The pattern can be very profitable for trade as the price is approaching the upper trend line, and in case of penetration of this level, higher prices and increased trading volumes can be expected.
The fact that aggregate technical indicators 4H chart are sending "buy" signal, and that market participants are still bearish on the Japanese Yen, are adding to evidence the upward breakout can occur very soon, there fore the appreciation of the pair is expected.
© Dukascopy Bank SA
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