Wed. Dec 8th, 2021

CADJPY could be developing long term …

An upward trend line has been broken today, as the 88.30 fall of 50% held last week exposed the horizontal support and the 200dma at the 85.50 level. A long-term head and shoulder pattern could develop, and we should keep that in mind. With maximum stocks, the risk increases daily due to a lower decline in stocks. If this comes to fruition, the JPY could consolidate (even more so) as risk aversion coverage. The neck line support is about 200 dma at 85.50.

The post Chart of the day – CADJPY – (August 16, 2021) first appeared on ForexAnalytix – Blog.

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