FOREX Chart Of The Day: CADJPY Long Opportunity

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

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CADJPY Daily

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

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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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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