CAD/JPY 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair  is posing for a major move down as this is main presumption behind the Double Top pattern's—pair fails to reach new high and gradually moves back to the prior to the pattern trading levels. It is worth pointing out that Fibonacci retracements could be used in the pattern's analysis—38.2% one is close to the pattern's support and 23.6% one had an obvious impact in the middle of September (around first bottom). Short term technicals on aggregate give a rather strong signal about further depreciation of the pair, but medium term on aggregate, and especially Stochastic indicator suggest that pattern's support might send the pair higher.

© Dukascopy Bank SA
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