My target is at the support level. price has been ranging in this zone
If you check the higher time frames(4hr and Daily), the price has been between these zones(resistance and support)
Price movement will likely make a rebound to the resistance level when it gets to the support level(take-profit level).
This currency pair is in my watchlist!!
. There is a possibility of temporary retracement to suggested support line (78.33). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. CADJPY is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....
I am shorting CADJPY down to the 81.250 price zone.
Currently price has made a nice pullback and is forming a new lower high after rejecting the 83.00 resistance zone. I anticipate 2 more bearish waves down to my final profit taking zone before price either breaks or bounces from the target daily bullish trendline.
Some insight into a wedge formation in CAD JPY. We look for a break in the trend leading to either a long or short position.
Feel free to join the telegram group, I will be moving to posting exclusively in there soon.
With the London open well underway, the Canadian Dollar is losing points across all pairs. This gives us a low risk opportunity to score some early pips for a quick profits if we play the CAD weakness against one of our stronger currencies.
CADJPY | W1 | BEARISH
SELL @ 84.750
The price is currently approaching our Fibonacci Retracement 61.80%
This acts as our resistance.
This is an early signal so please do not enter yet.
If price reaches this level please enter for a sell.
The take profit level is @ 82.200 (255 PIPS).
Please note this is not financial advise.
CADJPY | D1 | BEARISH
A simple example of market structure,
This is a lesson we've all studied in nursery.
What happens when price reaches the support / resistance?
I know what you're thinking...
It can either reverse or breakout.
At the same time we have to use our intelligence, intellect and intuition; our instincts and common sense — in...
Inverse H&S formed on 4hr and broke above neckline, looking to retest it as support as well as third bounce on trend line to proceed up to the 84.000 target . Also .been making a series of higher highs and lows