CAD/JPY is in a bullish trend, making HHs and HLs and forming a Rising Wedge. The price action is currently making a pullback into the rising support which has a confluence of slow MA dynamic support.
The Bullish Bias is based on the following signals:
Expecting bulls to be in control above the rising support. Go short if the wedge breaks downside.
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The Bullish Bias is based on the following signals:
- Bullish trend (price making HHs and HLs)
- GMMA: fast MA above slow MA with separation
- Slow MA acting as dynamic support
- RSI above 50 and not too near overbought levels
- OBV convergence with price (uptrend has conviction)
Expecting bulls to be in control above the rising support. Go short if the wedge breaks downside.
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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.