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#CADJPY has formed a key reversal pattern, will this offer us a long opportunity?

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cadjpy fprex chart of the day

CADJPY has formed a daily bullish reversal pattern, this could offer us a long opportunity in line with the higher time frame change. The JPY is currently weakening across the board as US bond yields rise. The price of Crude Oil has rallied from the key support which could be supporting the Canadian Dollar. If the price is going into an impulsive phase we could see a trend appear on the lower time frame. 

Trading Time Frame

cadjpy 4hr forex chart of the day

The price is starting to form a new high but it is still unconfirmed, if however the price does hold above these highs we could see the market continuation. When or if the price forms a higher we could look for a retest of the previous highs for a long opportunity on bullish price action.

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