CAD/JPY 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 400-bar long double top was formed by CAD/JPY on late August. According to the tools of technical analysis we might suggest the following scenario: first, a move in pattern's support direction, as the majority of technical indicators on short and medium terms are pointing at depreciation. However, in a longer period we could expect the continuation of the uptrend, as aggregate indicators on daily charts are sending "buy" signals. Moreover, the latest high of 97.55 reached on September 19 is much higher rather than the one made on September 11. Therefore, strong bullish impetus is indicated, reflecting trader's readiness to push pair higher even after several retracements.
© Dukascopy Bank SA
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