Bullish CADJPY - 15 February 2023

EURUSD Forex

CADJPY

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports CADJPY Bullish bias. A break of 99.242 will support the rise towards the target of 100.068 the break of 100.068 would push the price to 100.619.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 114.723
Support S1: 114.606, S2: 114.503 , S3: 114.386
Resistance R1: 114.826 , R2: 114.943 , R3: 115.046

Summary

Instrument :

CADJPY

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

61%

Entry Level :

99.242

Activation Time :

2023-02-13 10:00

Age :

207 Bars

Progress :

100%

Close Time :

2023-02-15 14:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

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Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.