Hello traders around the world!
I want to talk about CADJPY and what I'm planning on this pair for this week.
First of all, If you go back to the weekly chart, you can clearly see that the price reached a mass psychological level since Dec 2014 (106.501).
On Monday 18 Apr 2022 the price started to create an ascending channel till Monday 07 Nov 2022 reaching the mass psychological level since Dec 2014 (106.501).
The price broke to the downside impulsively and might be currently forming a bearish correction.
Now, moving to the 4H Timeframe, we have two rejection lines:
1st one: 101.204
2nd one: 100.863
We can also draw an upper trend line If we connect these previous two prices & we can see that the current price is just under the upper TL.
I am currently looking for a reversal pattern on the 1H chart for a short position. I am also considering the rejection lines as mentioned before.
Patience is key.
#THEPRIMES
I want to talk about CADJPY and what I'm planning on this pair for this week.
First of all, If you go back to the weekly chart, you can clearly see that the price reached a mass psychological level since Dec 2014 (106.501).
On Monday 18 Apr 2022 the price started to create an ascending channel till Monday 07 Nov 2022 reaching the mass psychological level since Dec 2014 (106.501).
The price broke to the downside impulsively and might be currently forming a bearish correction.
Now, moving to the 4H Timeframe, we have two rejection lines:
1st one: 101.204
2nd one: 100.863
We can also draw an upper trend line If we connect these previous two prices & we can see that the current price is just under the upper TL.
I am currently looking for a reversal pattern on the 1H chart for a short position. I am also considering the rejection lines as mentioned before.
Patience is key.
#THEPRIMES