Hello traders, and welcome:
Today, we’re zooming in on CADJPY, which is showcasing an ascending triangle pattern.
The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. It is characterized by a flat resistance line and a rising support line. As the price moves between these lines, it narrows, and a breakout is imminent. The pattern is complete when the price breaks out of the triangle, typically to the upside.
Breakout Level: 108.148
Once we observe a confirmed uptrend above 108.148, stops will be strategically placed below the low prior to the breakout. This approach ensures our trade setups are protected.
Target 1:
- 62%: 109.550
- 79%: 109.917
Target 2:
- 127%: 111.051
- 162%: 111.862
Stay tuned for more trading insights and always trade responsibly!