CAD/JPY: 1-hour
Check out another divergence forming on CAD/JPY’s 1-hour forex chart! The last time I showed y’all a bullish divergence on this pair, price did bounce from channel support and went all the way to the top. This time, the pair is testing the top of the channel with a bearish divergence, hinting at a potential drop back to the range support somewhere around 96.50 to 97.00. Stochastic is already crawling down, which means that Loonie sellers are gaining strength. If you’re planning on shorting this pair, make sure you set your stop past the 98.00 major psychological resistance and the top of the channel.
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