Bullish CADJPY - 17 April 2023 - Technical Analysis

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 99.673 will support the rise towards the target of 100.382 the break of 100.382 would push the price to 100.855.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 111.926
Support S1: 111.893, S2: 111.846 , S3: 111.813
Resistance R1: 111.973 , R2: 112.006 , R3: 112.053

Summary

Instrument :

CADJPY

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

61%

Entry Level :

99.673

Activation Time :

2023-04-14 13:00

Age :

314 Bars

Progress :

100%

Close Time :

2023-04-17 05:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

There are no signals right now

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.