CADJPY - Daily - Potential 3 Drives Pattern - 26/03/19
Overall I think we're still in for some selling pressure down to the 80.50 - 81.00 region.
We're seeing some really clean price action after a break of the 83.00 handle, with price making lower highs and lower lows.
The EMA Waves throughout the higher and lower timeframes are aligned.
If this does play out it'd form a 3 drives pattern, which I have seen recently also on EURUSD . These are reliable patterns and hold significant psychological value.
My thesis is marked on the chart, and of course, if price action confirms a change in direction this idea is flawed.
Tools
Multi-timeframe analysis
Support and resistance
Trendlines
Channels
Fibonacci
Harmonic Patterns
Trend Analysis
EMA's
We're seeing some really clean price action after a break of the 83.00 handle, with price making lower highs and lower lows.
The EMA Waves throughout the higher and lower timeframes are aligned.
If this does play out it'd form a 3 drives pattern, which I have seen recently also on EURUSD . These are reliable patterns and hold significant psychological value.
My thesis is marked on the chart, and of course, if price action confirms a change in direction this idea is flawed.
Tools
Multi-timeframe analysis
Support and resistance
Trendlines
Channels
Fibonacci
Harmonic Patterns
Trend Analysis
EMA's
Comment:
Looking for a spike into the 50-61.8% retracement before considering a short position.