These are the two most probable scenarios to play out this week. Price is heading toward a key level and will soon find out whether price breaks or bounces from the level. We will wait for price action to develop a bit more.
. There is a possibility of temporary retracement to suggested support line (79.15). 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 above the 21-Day WEMA which acts as a dynamic support.
We are approaching a strong level and price could either break it to make a third touch of the wedge or we could reject this key level as soon as we get there. The longer term move is still in play and this structure could as a correction followed by a continuation.
After the impulsive move on the weekly timeframe we are now coming down to retest the previous daily highs and the 0.618 retracement of the move. I would like to see a further push up after the break of the descening trendline as illustrated.
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Entry @ 80.640
Open two positions SL to entry when TP1 is hit with TP2 when you are happy with your return
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This pair is currently in an Uptrend breaking the previous Daily Resistance Zone (78.490) and moving 300+PIPS to the upside. The market is heading to an area that I consider to be Monthly Resistance Zone (Brown Zone). I'll be looking to short in the brown zone.
Short term outlook is that I'll be looking for long positions towards the Monthly Resistance Zone....
CADJPY is rejecting the daily fib 0.618 level and showing strong "overbought" levels on the 4hr chart. The last bullish wave is looking very overextended and I am keen to see a pullback in to previous structure and bullish 4hr TL.
If the daily trend is correct then this 0.618 retracement should see price go back down to the previous lows (support) at...