CAD/JPY 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a slip towards 2016 lows, CAD/JPY went on to an extensive surge that let to attacks at the annual highs at 88.66. The pair is now showing some signs of weakness, which suggests that the soar is unsustainable and could let the pair slide. A double top at the aforementioned area is the main reason to believe that bears will take over, along with a crossover of SMAs to the downside. The rate is now trying to exit a green cloud support area and approach the tough 86.97/89 to test the weakness. The pair has attempted to form two junior head and shoulders patterns in both of the tops and has just broken the second one, sending additional bearish signals.
© Dukascopy Bank SA
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