This is a potential long on the CADJPY. The 4 hour has broken out of a bearish channel which got a strong bullish bounce of an important weekly trend line acting as support (as shown). Price has now broken out the channel on the 4 hour and printing small pullback. It could go up from here.
I'm not that keen on the daily structure which is why I may sit on the sidelines for this one.
I'm not that keen on the daily structure which is why I may sit on the sidelines for this one.
Comment:
JPY is strong at the moment though so unlikely to see anything real movement long