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CADJPY Reacts to Channel Support at 84.70
Back on October 29th, I discussed a pattern on CADJPY that could produce a 400-pip move. At the time, the pair was trading at 85.80 or about 80 pips above today’s price. The ascending channel from the year-to-date low at 80.50 is what caught my attention. It outlined a short-term uptrend. But the implications from that channel were and still are quite bearish. The reason for that has to do with the year-to-date high. CADJPY carved the current 2018 high at 91.58 in early January. Now compare that to the most recent swing high in early October. Buyers only managed to reach 89.20 before losing steam on October 4th. In ... (full story)