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CADJPY for two weeks moved in a consolidation between levels 88.30 – 89.20. As a result of Monday’s gains stemming from earlier rejection of the lower limit of this consolidation market has reached and breached its upper limit.
In near future, we would expect re-test of 89.20, and if there would be a demand response we could expect continuation of growth.
Looking at weekly chart, we find that this consolidation was a zone of extremely important area of resistance. It is also worth noting that as a result of lasting since November last year growth pair overcome downtrend line and precisely tested it from the top (as a resistance). From that moment we observe growth again.
As a result of the recent downward movement, the right arm of bullish inverted head and shoulders formation was formed, and now the neck of the formation is a strong resistance level. It turns out that re-testing and permanent rejection of this zone could open the way to further growth even in a slightly wider time horizon than just intraday or intraweek.
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