CADJPY - A bigger outlook
CADJPY.
The upward movement can only be counted as a corrective pattern as ABC. This means a potential reversal is coming, but it seems like there's still more room left for upward momentum. The 200% fib level coincides with very strong resistance on the weekly and could signal a reversal sign from there. For the short/medium term, long positions can be preferred. Only when the trend channel breaks, there would be a confirmation for adding short positions.
The upward movement can only be counted as a corrective pattern as ABC. This means a potential reversal is coming, but it seems like there's still more room left for upward momentum. The 200% fib level coincides with very strong resistance on the weekly and could signal a reversal sign from there. For the short/medium term, long positions can be preferred. Only when the trend channel breaks, there would be a confirmation for adding short positions.
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