Could CAD/JPY reverse from here?Price is rising towards a resistance level which is a pullback resistance that aligns with the 61.8% Fibonacci projection and could reverse from this level to our take profit.
Entry: 114.72
Why we like it:
There is a pullback resistance level which aligns with the 61.8% Fibonacci projection.
Stop loss: 115.84
Why we like it:
There is a pullback resistance level which lines up with the 161.8% Fibonacci extension.
Take profit: 113.04
Why we like it:
There is a pullback support level.
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Cad-jpy
CADJPY - Wait For The Bears Hello TradingView Family / Fellow Traders,
CADJPY is currently approaching a massive supply zone marked in red.
📉 For the bears to take over again and start the next bearish impulse movement, a break below the last major low in gray is needed.
Meanwhile, CADJPY would be bullish short-term and can still trade higher.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Richard Nasr
Rising towards overlap resistance?CAD/JPY is rising towards a resistance level which is an overlap resistance that aligns with the 38.2% Fibonacci retracement and could reverse from this level to our take profit.
Entry: 113.794
Why we like it:
There is an overlap resistance level which aligns with the 38.2% Fibonacci retracement.
Stop loss: 114.879
Why we like it:
There is a pullback resistance level which is slightly below the 61.8% Fibonacci retracement.
Take profit: 111.574
Why we like it:
There is a pullback support level.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
CADJPY Eyes Selling Setup Amid Safe-Haven JPY DemandAttention Traders,
In today's trading session, our attention is on CADJPY, with our focus directed towards a potential selling opportunity around the 112.400 zone. CADJPY is nearing a significant resistance line, marking the 112.400 supply zone.
Adding depth to our analysis, it's imperative to consider the fundamental landscape. The escalation of tensions in the Middle East has contributed to heightened market uncertainty, prompting investors to seek refuge in safe-haven assets. The Japanese Yen (JPY), renowned for its stability and reliability, is particularly favored in such environments. Therefore, we are inclined towards buying JPY amidst the escalating tensions in the Middle East, leveraging its status as a safe haven during periods of geopolitical instability.
With CADJPY poised to encounter resistance at the 112.400 supply zone and the safe-haven appeal of JPY amidst Middle East escalations, the convergence of these factors presents an opportune moment for a potential selling opportunity in the pair.
Trade wisely,
Joe
CADJPY: Follow the breakout or rejection. Low risk trades.CADJPY is just above the bullish barrier on its 1D technical outlook (RSI = 58.297, MACD = 0.230, ADX = 26.548) despite the fact that it is near the HH trendline of the Ascending Triangle and supported at the same time by the 1D MA50. Technically this calls for a decline and the minimum inside this pattern is the 1D MA200 (TP = 109.350). If it crosses over the HH trendline and closes a 1D candle over it, we will go long, aiming at the top of the Channel Up that will prevail (TP = 115.500).
See how our prior idea has worked out:
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CADJPY is approaching a significant zoneHey Traders, in today's trading session we are monitoring CADJPY for a buying opportunity around 112.300 zone, CADJPY is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 112.300 support and resistance area.
Trade safe, Joe.
📈 CAD/JPY Review 📉📈 CAD/JPY Review 📉
CAD/JPY saw a notable rise last week, reaching the previous week's high before encountering resistance, forming a compelling setup in lower time frames. 🚀📉 Target levels are clearly outlined on the chart, with focus shifting towards last week's low. 🎯 Overall, a promising opportunity seems to be brewing in the CAD/JPY pair. Keep a close eye for potential entry points! 💼💰 #TradingView #ForexTrading 🌐
CADJPY Triangle break-out buyThe CADJPY pair delivered us a very strong buy opportunity last time we made a buy call on it (December 22 2023, see chart below) :
Moving back to the 1D time-frame, the pair has been trading within a Channel Up pattern since the December 07 2023 Low. Currently on its 2nd Bullish Leg, the price has entered a Triangle consolidation, similar to the pattern of January - February.
So far the fractals appear to be quite identical as following a +3.34%, the price pulled-back to the 0.382 Fibonacci retracement level, which is at the moment holding. As long as it continues to do so, we expect a bullish break-out similar to February's towards the -0.382 Fib extension, hence our Target is 113.500.
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GBPCAD: Strong start for GBP fading out?GBP has been the strongest performing currency so far this year - I keep asking myself why??
Country in a recession
Stagnant economy
Limp Central Bank
With today's unemployment reading I'm expecting this to be the start of bearish involvement in sterling, I'm starting with this pair.
Think oil has dropped a lot and could be ready to bounce up which is good for CAD.
Seem to have broken the ascending trendline and retesting it now, failure to break back in will signify a change in direction.
My first target is 1.708, around the MA50 (daily) and clear support.
CADJPY: Next stop the monthly falling trendline?There's not much in the way of this move from what I can see.
Yen continues to be the weakest currency in the G10 (for now, BoJ look set to intervene at some point this year) and for the short term I expect this to continue to meet the descending long-term trendline that's formed.
I'll be looking for sells around 115 with any LTF confirmation, but until then I'm going to be doing some long scalps not that local resistance has been broken and retested.
Sell CADJPY Bearish Channel The CAD/JPY pair on the M30 timeframe presents a potential selling opportunity due to the presence of a well-defined bearish channel pattern. This pattern suggests ongoing selling pressure and a higher likelihood of further declines in the coming minutes or hours.
Sell Entry: Consider entering a short position around the current price of 111.46, positioned close to the channel resistance. This offers an entry point near a potential reversal zone.
Target Levels: Initial bearish targets lie at the support levels of 111.07 and 110.82, marking previous support zones within the channel.
Stop-Loss: To manage risk, place a stop-loss order above the broken channel resistance line at 111.70. This helps limit potential losses if the trend unexpectedly reverses.
Thank You.
Buy CADJPY Bullish channelThe CAD/JPY pair on the M30 timeframe presents a potential buying opportunity due to a well-defined bullish channel pattern. This pattern suggests ongoing buying pressure and a higher likelihood of further advances in the coming minutes or hours.
Buy Entry: Consider entering a long position around the current price of 111.19, positioned close to the channel support. This offers an entry point near a potential continuation of the upward move.
Target Levels: Initial bullish targets lie at the resistance levels of 111.60 and 111.84, marking previous resistance zones within the channel.
Stop-Loss: To manage risk, place a stop-loss order below the support line of the channel at 110.90. This helps limit potential losses if the price reverses and breaks back down.
Thank you
CADJPY - Top-Down Analysis 📹 From Daily To H1Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 Here is a detailed update top-down analysis for #CADJPY.
Which scenario do you think is more likely to happen? and Why?
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good Luck!.
All Strategies Are Good; If Managed Properly!
~Rich
CADJPY Confirmed buy signalThe CADJPY pair has been trading within a Fibonacci Channel Up since the March 2020 market bottom. The recent rejection on the 1.5 Fibonacci level back to the 0.5 show it test and hold an important Support, the 1W MA50 (blue trend-line), which has only broken once in 3 years (since November 2020) and that was during last year's inflation crisis.
As long as it holds, it is a strong buy opportunity and evidence for that is the 1W RSI which has printed the same pattern (Channel Down break into a rebound) as the September 26 2022 and August 16 2021 lows. Both initiated rebounds that hit their prior Resistance levels.
As a result, we are taking this opportunity to buy and target the previous Resistance (from the September 25 High) at 111.000.
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CADJPY possible retracementAfter price broke structure to the downside with momentum, it formed liquidity at the bottom. It then retraced and formed liquidity at the top as well, just below an established supply that aligns with our golden zone. Price has just taken the top liquidity and mitigated our supply zone. It could now potentially begin to drop to take out the liquidity at the bottom as well
CADJPY Bullish as long as the 1D MA50 holds.The CADJPY pair is on a 1D MA50 (red trend-line) bounce, at the high ranges of the Fibonacci Channel Up that started on the March 2020 COVID crash bottom. The 1W RSI shows a Channel Down fractal on its second Lower Low rebound and the previous two such sequences delivered at least one more rally.
As a result, we see a strong short term buy opportunity to target the 1.5 Fibonacci extension at 112.000.
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CADJPY Bullish Cross signalling a buy.CADJPY it at the top of a short term Falling Wedge pattern inside a larger Channel Up.
The 1day MACD just formed a Bullish Cross. Every time the price has been on the 1day MA50 while the MACD formed a Bullish Cross, the pair traded inside a similar Falling Wedge pattern.
A break out followed with the price hitting at least the previous High (Resistance A).
Buy now and target 111.245 (Resistance A).
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CADJPY SELL | Day Trading Analysis Hello Traders, here is the full analysis.
Watch strong action at the current levels for SELL. GOOD LUCK! Great SELL opportunity CADJPY
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CADJPY: Short scalp next weekThinking we're starting to see JPY strength, this is because it can't stay so weak for so long imho.
Weak currency suits Japan as an exporter, to a point, but massively affects it's buying power, I do feel like we're approaching the end of this cycle of Yen weakness, by the end of this year.
I think this pair broke the rising trendline but has struggled to get back in on multiple retracement attempts, so I think we'll drop to catch the order block in the next week based on current PA.