CADJPY: Is the price finally BREAKING the CHANNEL?
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🟢Forex Pair:
CAD/JPY
⚪Technical Analysis:
In the weekly time frame, the price has been following a strong downtrend since December 2017 and it's currenly retesting the main dynamic resistance line of its channel.
In the daily time frame, since March 2020, the price has been moving with a clear uptrend and it's now just around the main weekly trendline.
In the h4 time frame, the price is currently following a strong ascending channel, it reached and got few rejections on the resistance level at about 82.150 and it is now just very close to its dynamic support line.
🔴Conclusion:
The price reached a really interesting dynamic resistance line that rejected the price many times in the past.
I'm confident to see an upcoming market reversal and I'll be waiting for the price breaking the dynamic support line before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
CAD/JPY
⚪Technical Analysis:
In the weekly time frame, the price has been following a strong downtrend since December 2017 and it's currenly retesting the main dynamic resistance line of its channel.
In the daily time frame, since March 2020, the price has been moving with a clear uptrend and it's now just around the main weekly trendline.
In the h4 time frame, the price is currently following a strong ascending channel, it reached and got few rejections on the resistance level at about 82.150 and it is now just very close to its dynamic support line.
🔴Conclusion:
The price reached a really interesting dynamic resistance line that rejected the price many times in the past.
I'm confident to see an upcoming market reversal and I'll be waiting for the price breaking the dynamic support line before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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