On the weekly chart of Cad/Jpy we can clearly see a failure of a bullish engulfing candle;
this means that price action will probably not lead this pair any higher
and we need to focus our attention to the downside for targets:
Cad/Jpy weekly chart
If we now go to the daily chart, we get a clearer picture of what is happening:
we can see that the failure of forming the bullish engulfing candle pattern
is because of downward pressure on the pair during last week,
this price action should lead to …
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