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Trading signals for #CADJPY → Ascending triangle. Waiting for a breakthrough

2023-08-22 01:20 FOREX forecast

💱 Ideas For CADJPY 🇨🇦/🇯🇵

📈 CADJPY → Ascending triangle. Waiting for a breakthrough

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CADJPY is forming a local upward trend. The currency pair is gaining resistance at 108.12 and forming an ascending triangle, most likely we will see some development in the near future.

The currencies are weakening on the background of fundamental and geopolitical nuances, but the currency pair is getting stronger, overcoming one of the key levels at 107.6. Globally, CADJPY is in a bullish trend, but for the last few weeks the price has been stopping and forming a flat. Within the flat we see prerequisites for further growth.

Earlier, the SMAs were tested, which now act as support.

Resistance levels: 108.12 109.47

Support levels: 107.6, pattern support

According to the mentioned prerequisites, I expect a retest of the figure resistance with further breakout and growth to the mentioned resistance.

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#CADJPY 🇨🇦/🇯🇵

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