Get started

Cadjpyanalysis

Price has reached to critical zone, highest level since 2018As oil and gasoline prices spike in the world, Canadian dollar is getting stronger again. Right now, as you can see on CAD/JPY chart , price has entered the critical zone again. This is the forth time since 2017 that price reaches to this zone. Price behavior is very important here. Will gas, oil and commodities help Canadian Dollar to get stronger , break the zone and goes back to its wonderful days on 2014-2016 ? On the other side, Justin Trudeaus government is facing with a massive deficit, highest inflation rate since 2003 and vast volume of money printing which have made Canadian Dollar weaker than ever. Will positive factor overcome negative factors?
by Farid_alfredo
CADJPY ShortMy view of CADJPY . Potential short opportunity. This will be plain and simple. From Sep. 28th to Sep. 30th we respected the MRA (Major Resistance Area) . Although the price tried to break out of the Consolidation area , the sellers prevailed. SO! Looking at the fact we are in a Consolidation area, I expect the price to go down to our MSA (Major Support Area) . Entry is at 87.821 with a Stop Loss above the MRA and Consolidation area at 88.794 . Take profit is at MSA (85.075) . Break of mSA (minor Support Area) would confirm lower levels and continuing the move down to our Take Profit. I also made an example showing 2 possible outcomes if we break to the upside or downside. PARAMETERS - Entry: 87.821 - SL: 88.794 - TP: 85.075 KEY NOTES - Sep. 28th to Sep. 30th we respected the MRA (Major Resistance Area) . - If we break the Consolidation area at our SL , it would confirm higher levels. - Break of mSA (minor Support Area) would confirm lower levels and continuing the move down to our Take Profit . Happy trading!
Short
by BANDZTRADES
5