CAD/JPY Plausible price action
The pair is into a trend reversal condition or a correction in which in follows a minor trend line. There is not only a formed flag but also the price just touches the supporting line. The pair will most probably reach the .38% of the Fibonacci Retrace and its further move should be towards the .50% which will either give a massive strength of the market or bring the downtrend back ( I do not believe in the 2nd scenario ). What is more, the EMAs are about to cross and the RSI is bullish. The risk/reward ratio is 1 to 2.52 which is quite amazing, though.
*Disclaimer: this is for educational purposes only*
*Disclaimer: this is for educational purposes only*
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.