What’s up guys and welcome to my profile, my name is Gianni and today I’m going to analyse the CAD/JPY, trying to translate the market information with a full technical analysis on different time frames perspectives.

For a better understanding of my bullish bias, let’s have a quick look on the monthly timeframe:
snapshot

After the last bullish impulse, the market got a retracement, reaching a strong support level and retesting it during the current month.

Switching to the weekly timeframe:
snapshot

The market got a good rejection on the support level but considering the long shadow on the last green candle, I could expect the presence of supply between the level 91.000 and 90.000, with a possibility of consolidation before the market movement.
Overall the market is making HHs and HLs, then the perspective is still bullish.

On the daily timeframe:
snapshot

The market got a retracement of its previous bullish impulse with a clear rejection around the 0.618% of Fibonacci.

Finally back on the 4h timeframe:
snapshot

The market has been following a descending channel until an initiative bearish pressure broke the channel to the downside.
On the weekly support the market got an increasing of demand and a strong responsive movement from the presence of buyers on the support level.
The price retraced back after the impulse around the 0.50% of Fibonacci and it’s currently retesting a local resistance turned into support.

Obviously the price is still inside the channel and before to plan my long position in this trade I would wait a breakout of the channel to the upside with a bullish price action and an entry point with a RRR of 1:2 or greater.

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Trade safe and responsibly,
Gianni

DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
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