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CADJPY Rising Wedge to Produce Selling Opportunity
Like the rest of the yen crosses, CADJPY has been directionless for the better part of this year. The pair has been ranging between 81.70 and 84.00 since early March. But sometimes these ranges can offer opportunities. For instance, the CADJPY price action since late March suggests we could see the pair return to those range lows just below the 82.00 handle. The rising wedge on the 4-hour time frame hints at an imminent breakdown. And if this pattern plays out like most, CADJPY could be on its way to 81.70. At the moment, sellers need to clear wedge support on a 4-hour closing basis. Until then, there isn’t much to ... (full story)