CAD/JPY 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A two-week rally that took CAD/JPY to more than a two-month high of 94.90 ended in the very beginning of April when the pair started an accelerating decline. The 88-bar long double bottom pattern being currently formed by the instrument also is a part of this long-lasting weakness.
However, now the era of losses seems to have come to an end as the pair finally managed to surpass the neck-line at 93.01 that means the breakout may have happened and as a result a sharp appreciation may lie ahead. Technical indicators support this idea, sending ‘buy' signals for the short and long terms.
© Dukascopy Bank SA
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