On my last Idea Post i was anticipating for CADJPY to drop to the March's Monthly Low, Now that I've analyze more in depth i do believe CADJPY is gonna have a Meltdown and Price is gonna start trading between 100. and 90. Levels, The reason of this is because if we look at the CADJPY charts specifically the Monthly Timeframe chart we can see price rejected a Mayor Level ( 112.500 ) with a lot of sellers coming in after the break of the level, now with time price was hesitant to break back above 112.500 until the monthly candle closure of February, confirming a Shift in Mayor Market Structure to the Downside creating a Lower High, not only the market did a Lower High but also printed a beautiful H&S Pattern and a FIB set up and combining the H&S Pattern with the FIB most likely Price will fall to the 61 ext. ( 92.000 level ) giving us more confluences that price will have a mayor drop on the Long Term, if we factor in News and Data, its also pointing out that CAD hasn't have bullish data being released from its latest news data and now with President Trump and his Tariff Proposal/Plan i do believe it is not gonna go very well for the CAD.
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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.