Technical Analysis By Real Forex MM

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CADJPY!! Forming Inverse Head and Shoulder

CADJPY is currently trading at 76.300 and we are about to finish our Monday trading. We have seen some buying opportunity at CADJPY. As we can see CADJPY is finding strong support at 76.000 and nicely forming inverse head and shoulder pattern on H4. Next resistance is seen at 77.600.

Its a good opportunity to buy at deep to target 77.600 level as TP1 and if this pair can break this resistance at 77.600 we might see CADJPY will challenge the next resistance at 78.500 and theĀ  psychological level 80.000 for the upcoming days. On the other hand if this pair can break the support at 76.000 we might see some selling pressure. Next support is seen at 75.000 and 74.000 respectively.

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This trading analysis is only for getting an idea about the current market situation. This is not a signal. These can be used for education purposes only.

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