CADJPY: Let's trade come to us before we initiate new position
Talking Points:
We are holding bullish long term count. We confirmed our last week pattern is not hold good and need to revisit whole counts. We now expecting another leg down towards 90 before turning bullish to complete pattern.
On weekly and 240 min chart, we had a confirmed channel breakout. We possibly look for short entry than a long entry to mine some profit out of this pair. But at this stage, we need to wait for some sort of retracement before entering into a trade.
- CADJPY Technical Strategy: Temporary Bearish
- Elliottwave Count: Flat Correction for wave
- Upcoming major events: JPY-Retail Sales (YoY) (Oct), CAD-GDP (MoM) (Sep)
We are holding bullish long term count. We confirmed our last week pattern is not hold good and need to revisit whole counts. We now expecting another leg down towards 90 before turning bullish to complete pattern.
On weekly and 240 min chart, we had a confirmed channel breakout. We possibly look for short entry than a long entry to mine some profit out of this pair. But at this stage, we need to wait for some sort of retracement before entering into a trade.
-- By Hoagtrading.com (Twitter: @Hoagtrading)
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