CAD/JPY is in a bullish trend, making HHs and HLs and forming a Rising Wedge. The price action is currently making a pullback into the rising support which has a confluence of slow MA dynamic support.
The Bullish Bias is based on the following signals:
Expecting bulls to be in control above the rising support. Go short if the wedge breaks downside.
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The Bullish Bias is based on the following signals:
- Bullish trend (price making HHs and HLs)
- GMMA: fast MA above slow MA with separation
- Slow MA acting as dynamic support
- RSI above 50 and not too near overbought levels
- OBV convergence with price (uptrend has conviction)
Expecting bulls to be in control above the rising support. Go short if the wedge breaks downside.
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