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Chart and candlestick pattern formed- Rising wedge pattern and resembling bearish engulfing candlestick (on weekly plotting), and range bounded pattern (on 2H plotting).
Please observe the troughs and tides within a channel that forms the rising wedge pattern (which is bullish in nature), as a result, CADJPY intermediate bulls resume and test support at 21EMAs (refer weekly plotting).
The minor trend is stuck in a range on 2H chart, the swings drift non-directional on this timeframe, more rallies seem to be on cards as the current prices spike above SMAs, while both leading oscillators to substantiate this bullish stance by converging upwards.
Contemplating and synthesizing these chart and candlestick patterns, coupled with the fact that the intermediate trend has gone in the uptrend again, and the sharp rallies at the wedge support, in addition, indicates the strength in this pair.
Most importantly, hammer patterns at ever wedge base have caused significant bounces.
For now, the major resistance at 89.739 levels and supports are observed at 88.654 levels, the break out of these levels would determine the next trend directions.
On a broader perspective, the prices are now attempting spike above EMA again and head towards wedge resistance.
However, trend indicators have been slightly indecisive to substantiate this bullish stance.
Trade tips:
It is wise to buy boundary binary options strategy on trading grounds. Use upper strikes at 89.315 and 88.511, with this leveraged product one can add magnified impact on the trade yields.
The trading between these strikes likely to derive certain yields in this perplexed trend in the short term and the major trend, more importantly, these yields are exponential from spot movements.
For cash or nothing, these options would be exercised if the forward prices to remain between both strikes (i.e. 89.315 > Fwd price > 88.511).
Currency Strength Index: FxWirePro's hourly CAD spot index is displaying shy above 64 levels (bullish), while hourly JPY spot index was at -78 (bearish) while articulating (at 05:27 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
As you could see higher bullish sentiments in CAD and the bearish interest in JPY, the bulls of this pair are most likely to extend rallies as per our above stated technical rationale.
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