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Fan Yang

CAD/JPY Completing an Inverted Head and Shoulders

CAD/JPY has been sharply bullish in June, and looks like it will be completing an inverted head and shoulder pattern in July.

CAD/JPY Daily Chart

(click to enlarge)

Sign of Bullish Reversal:
- The head and shoulders pattern is just one way of observing a shift away from the prevailing downtrend.
- More importantly, we saw the market make a higher low, which is also a reflection of the shift from a bearish trend to at least a sideways if not bullish one.
- A break above the neckline should open up the bullish bias. 
- First, the conservative target should be around 92, which is a support/resistance pivot area. For now, we should limit the bullish outlook to the 100 handle. 

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