. There is a possibility of temporary retracement to suggested support line (80.00). 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....
Re entering our Canadian dollar Japanese Yen long trade as the bullish price pattern continues to play out. Last week we traded it up to our take profit 1 before cashing out and now we are looking to re enter at todays pull back level. As per our trading view chart we have an ascending channel which has been tested multiple times and should the...
cadjpy on the weekly doesn't show a lot apart form basic support and resistance but when I went down a timeframe, I saw daily trendline making lower highs and lower lows.
4hr/1hr timeframe showed me a rising wedge occurring while breaking out and making a head and shoulders pattern.
Possible drop for CADJPY. Price has remained under both 200 and 50 EMA indicating a short bias. Price has hit the resistance of the trend line channel as well as the horizontal resistance zone, both indicating a short bias. Small stop loss of about 40 pips and take profit of around 90 pips. FX:CADJPY
Looking at the CADJPY bearish trendline and descending channel it is forming.
Weekly fib 0.618 retracement and daily fib -0.27 extension align at the 82.800 resistance zone. If another 4hr rejection of this zone and lower high forms then I will enter short.
As shown, the current price action of this pair is testing a pivot point that has been prevalent throughout May and June. This coincides with the 38.2% Fibonacci extension level, derived from the swing high on the 22nd May. Due to this combination, if the support around the 81.00 holds, expect a short term reversal to around the 81.9 mark. Stop loss below 50% Fib....
CADJPY had recently broken out of a descending channel and is currently re-testing this as well as the resistance level 80.67.
Last week we closed with strong bearish momentum which I feel will carry on to reach our target at 78.45.
I will be waiting for a daily close below 80.67 before entering short.
All tips/comments welcome, I will update this as the trade plays out.