CADJPY Epitomizes the Wedge Formation in the Yen Crosses

Most of the yen crosses are developing very broad but very clear ascending wedge formations. This is fundamentally and technically unique as many of the other risk-sensitive pairs and markets have shown relatively tight congestion over the past few weeks at the very top of bullish trends. This is not a small break from the norm in any sense; and suggests the looming threat of a breakout or reversal in risk appetite and many of the markets won’t necessarily translate into this currency’s cadre.

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