CADJPY Bullish Crab vs Bearish Flag Pattern
We see a bullish crab pattern on the H4 chart. PRZ ( Potential Reversal Zone) of the pattern is almost 100 pips. – 79.00 – 78.24 –
At this point, it would be wise to find a confirmation either a divergence or candle pattern to buy the pair.
If the price breaks above 80,20, it is likely to test 80.40 and 80.65. ( Stop: 80.00 )
However, as seen on the below weekly chart, 80.60 is one of the historical levels of the pair. We need to see a firm daily closing above 80.60 to talk about near term trend change from bearish to bullish.
On the smaller charts, we have an emerging bearish flag pattern as well. Breakout of the flag 79.50 could send the price towards 79.25 ( 88.6 of Bullish Shark) 79.10 and 78.90 ( 1.13 of Bullish Shark). Stop Loss for the flag above 79.70.
I will update according to the price action.
Update: CADJPY is approaching TP1 where Bullish Shark starts… I book partial profit and move SL to entry
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