CAD/JPY: 4-hour
Reversal time for CAD/JPY? The pair has formed a triple bottom formation on its 4-hour chart, as price bounced off the 91.00 support level three times this year. The neckline is located near the 94.00 handle and it appears that CAD/JPY is already making a break for it. Be careful though! Stochastic has already reached the overbought zone, indicating that Loonie bulls are running out of steam. A legit breakout could last by as much as 300 pips while a false break could lead to another test of the 91.00 support.
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