CADJPY The market has been on a clear upward trajectory for some time, with each swing reaching higher peaks and forming higher lows. The rising trendline has been the driving force behind this momentum.Following the recent surge, the price has pulled back slightly, forming a textbook bullish flag pattern.
This is the kind of price action you want to see in a strong uptrend—a controlled retracement with a minor dip, without any aggressive selling pressure.
The bears have failed to break the low, and the bullish momentum remains intact. As a result, the overall trend continues to hold steady.
Right now, the price is breaking out of the flag pattern, and it looks like this trend is poised to continue.
As long as the price stays above the trendline and doesn’t breach the flag's low, my outlook remains bullish.
My target is set at 113.150.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.