09.10.201811:55 Forex Analysis & Reviews: USD/CAD analysis for October 09, 2018

Long-term review

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Recently, the USD/JPY pair has been trading downwards. The price tested the level of 112.81. According to the H1 time – frame, I found broken Head and shoulders pattern in the background, which is a sign that sellers are in control. Most recently, I have found the bearish flag pattern in creation, which is another sign of weakness. My advice is to watch for a breakout of the support trendline to confirm further downward continuation. The downward take profit levels are set at the price of 112.82 and at the price of 112.60.

Trading recommendations for today: watch for potential selling opportunities.

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