Welcome to this week’s newsletter!
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CADJPY ONE TO WATCH
In this week’s newsletter we are going to look at the strong uptrend on CADJPY. The Canadian Dollar has been significantly stronger than the Japanese Yen for some time. It can be seen on the weekly timeframe from April last year the price has rallied over 1500 pips. But at some point, could we see the trend end?
The weekly chart shows the price is approaching a major swing level at 91.10 where strong sellers have been waiting in the past. Could this be the same level sellers are waiting again?
If so, we should expect a change in trend or a bearish pattern to form at this level.
What we would need to see is the price to trade within the zone and form a key pattern such as a double top or a head and shoulders pattern.
Keep an eye on this pair as we may see the trend come to an end soon.
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