CADJPY – Potential Bullish Reversal Setup
CADJPY has been in a sustained bearish trend; however, signs of a potential reversal are emerging. A bullish divergence has been identified on the RSI, signaling weakening bearish momentum. Additionally, the price has broken out of a parallel descending channel, further supporting the possibility of a trend reversal.
Moreover, the structure has shifted as the previous Lower High (LH) has been broken, indicating the first sign of bullish strength. Based on this confluence of factors, I am entering a buy position immediately, anticipating further upside continuation.
Key Confluences:
RSI bullish divergence
Breakout of the descending parallel channel
Structure break of the previous Lower High (LH)
Disclaimer:
This analysis is for educational purposes only and not financial advice. Always manage your risk accordingly.
CADJPY has been in a sustained bearish trend; however, signs of a potential reversal are emerging. A bullish divergence has been identified on the RSI, signaling weakening bearish momentum. Additionally, the price has broken out of a parallel descending channel, further supporting the possibility of a trend reversal.
Moreover, the structure has shifted as the previous Lower High (LH) has been broken, indicating the first sign of bullish strength. Based on this confluence of factors, I am entering a buy position immediately, anticipating further upside continuation.
Key Confluences:
RSI bullish divergence
Breakout of the descending parallel channel
Structure break of the previous Lower High (LH)
Disclaimer:
This analysis is for educational purposes only and not financial advice. Always manage your risk accordingly.
Trade closed: stop reached
Stop Loss hit
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.
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.