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CADJPY Setting Up a Range Break Opportunity
During the summer months, it’s sometimes necessary to look a little closer to find setups due to the slowdown that often takes place. The CADJPY is a perfect example of a pair that is quietly developing in a way that could produce a favorable setup over the coming sessions. The 100 pip range between 88.20 and 89.20 represents consolidation. It began forming following the 830 pip rally between June and July and is therefore likely a continuation pattern. With this in mind, I’ll be watching for a daily close (5 pm EST) above the range top at 89.20. Such a close would pave the way for a move toward the next key ... (full story)