The currency pair CAD/JPY is trade around 81.58 today.
There is very interesting situation with H4 and D1 timeframes!
Technically, at H4 chart, we notice many reasons for BUY:
1. Third touch of H4 support line which is the same like D1 support.
2. In the same time the price tests D1 resistance (support now).
3. 38,2 Fibo @ the same area.
4. MACD divergence.
On daily chart, the price is trading inside of bullish channel and we have formed bullish wedge pattern. If the pair could break above the wedge, bulls could target the base of the wedge around 83.50. This is our medium-term target.
Fundamentally and longer-term the BoC have just recently turned more dovish so this pair will be based on who is the under-performer - safe haven or BoC and commodities... As long as the trade rhetoric between the US and China stays positive the pair could keep rising.
What do you think, is all mentioned above enough for Buy?
There is very interesting situation with H4 and D1 timeframes!
Technically, at H4 chart, we notice many reasons for BUY:
1. Third touch of H4 support line which is the same like D1 support.
2. In the same time the price tests D1 resistance (support now).
3. 38,2 Fibo @ the same area.
4. MACD divergence.
On daily chart, the price is trading inside of bullish channel and we have formed bullish wedge pattern. If the pair could break above the wedge, bulls could target the base of the wedge around 83.50. This is our medium-term target.
Fundamentally and longer-term the BoC have just recently turned more dovish so this pair will be based on who is the under-performer - safe haven or BoC and commodities... As long as the trade rhetoric between the US and China stays positive the pair could keep rising.
What do you think, is all mentioned above enough for Buy?
Trade active
The bulls going straight to the target at 83.30/50Trade closed: target reached
✅ JOIN FREE TELEGRAM: t.me/trendlinefreetrade
❓ If you got questions: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade
❓ If you got questions: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅ JOIN FREE TELEGRAM: t.me/trendlinefreetrade
❓ If you got questions: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade
❓ If you got questions: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.