CADJPY reanalysed looking for longs
After a quick re-analyse of CADJPY I believe we are currently in a corrective wave which I will be looking to jump on the next impulse wave.
After reviewing the recent daily and weekly closes it is clear that momentum is with the bulls, further confluence being with the daily ema crossover.
My original analysis was intact correct I think my entry was too early, so I will be jumping back in on the pullback.
The purple ray represents the 38.2% fibonacci retracement and this lines up nicely with a 4H trendline. Also at this price, around 82.00, has been a zone of previous wick rejections, so I will be placing a buy limit in hope of sniping this trade straight into profit.
The trade will look a little like this:
BUY LIMIT CADJPY @ 82.05
SL @ 81.50 (-55) -just under 50% fib incase of deeper retracement
TP1 @ 83.90 (190) - at a significant resistance and just under 1.27 fib extension
TP1 @ 85.25 (325) - 1.618 fib extension
R:R = 1:3.45/5.9
After reviewing the recent daily and weekly closes it is clear that momentum is with the bulls, further confluence being with the daily ema crossover.
My original analysis was intact correct I think my entry was too early, so I will be jumping back in on the pullback.
The purple ray represents the 38.2% fibonacci retracement and this lines up nicely with a 4H trendline. Also at this price, around 82.00, has been a zone of previous wick rejections, so I will be placing a buy limit in hope of sniping this trade straight into profit.
The trade will look a little like this:
BUY LIMIT CADJPY @ 82.05
SL @ 81.50 (-55) -just under 50% fib incase of deeper retracement
TP1 @ 83.90 (190) - at a significant resistance and just under 1.27 fib extension
TP1 @ 85.25 (325) - 1.618 fib extension
R:R = 1:3.45/5.9