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Cad_jpy

POSSIBLE BEARISH CONTINUATION CAD/JPYCAD/JPY recently broke a long term counter trend line only to retrace back up and find resistance at the 61.8 fib level where is has stalled and become congested whilst at the same time touching the 200 MA just short by a pip or two of another counter trend line before being sucked back down into the congestion again. this is a trade that i am already in after shorting the bearish engulfing just after the trend line touch. there is however still a decent entry opportunity for others who may want to get in on the trade. A close bellow the 83.433 level could provide a decent selling opourtunity with targets at 81.185 and 79.994 should the market roll over like expected.
Short
by Joe_Keegan
$CADJPY Smaller Wolfe Wave Nears Completion at Point 5Hello Traders, Here is a bearish Wolfe Wave forming. This is a smaller time frame Wolfe than the larger one I have linked below and also highlighted in grey. This could potentially cancel out the larger frame Wolfe. If the larger time frame Wolfe completes at Geo"s Off-Set rule we could have a Wolfe Wave completion at 5" for the smaller Wave. It will be interesting to see how this plays out. Side Note - The dotted orange line represents an invalidation line, something I picked up from 4xforecaster. In order to know when the projected Wolfe is invalidated, one must take the parallel of the 1-3 and place on the current point 4. If price surpasses this line, then the current Wolfe Wave is invalidated. You can view more cool lessons from 4xforecaster here: www.tradingview.com Best, Chartistry
Short
by GWaves
4
CAD/JPY in a range for nowThe consolidation in CAD/JPY reflects the volatility and circumstance in the oil market. Crude oil is nearly $50 as I write this post with the Fed’s easy money policy helping price along. Once the euphoria associated with this announcement subsides the reality of oil overproduction by Saudi Arabia and others, the weakness in global demand and the increased efficiency amongst the major consumers will drive prices lower. Perhaps to $20/barrel. Price finding resistance in the vicinity of 92.25 opens an opportunity for the price to return to the bottom of the range and ultimately much lower. www.sealionllc.com
Short
by positionforex
1
Oil versus YenCAD/JPY Strategy: Flat The rally since 2-2 may come to an end at least in the short term. Largely on the energy (pardon the pun) of a robust economy the Loonie has been rallying against the unsuccessful “Abenomics” strategy that keeps Japan stuck going nowhere. Price consolidated from 3-5 to 4-14 and since the 15th has moved aggressively peaking at about 100. With the Japanese candlestick pattern “spinning top” on 5-5 and again on 5-13 price looks indecisive and a “double top” pattern has formed (albeit imperfect). This price level providing resistance recently provided support 12-16 of 2014 when price dipped and rebounded sharply. With the price of oil now back under $60 perhaps traders believe this currency needs to pause before resuming an uptrend. The resumption of an uptrend seems likely since the BOJ is more likely to attempt weakening the currency than let it appreciate and while oil is at the top end of its range now it will continue to be in demand for some time. There is short term support around 98.40 and a rising lower media line on the pitchfork in the chart. I am watching to see if either these lines provide support or if in fact price is going into a major correction. I am more likely in favor of the former than the latter.
by positionforex
1