CADJPY | Perspective for the new weekWith a successful break above Key level @ Y82.150, the potentials leading to new higher highs becomes very likely as I look forward to a correction phase in the next couple of weeks before the new rally begins!
Tendency: Uptrend ( Bullish )
Structure: Breakout | Channel | Supply & Demand
Observation: i. The long term perspective of the CADJPY has been Bullish since mid-last year before price action got caught within a Channel.
ii. Channel has been respected since the beginning of the year (2021) before a successful Breakout happened during the course of last week trading session.
iii. The Y82.150 area that has been a Supply zone for the last four weeks finally surrenders to buying pressure last week.
iv. This Breakout is a sign that Buyers have begin to gain momentum has Sellers give in with the hopes of waiting for a good price to sell.
v. Considering the character of price during last week trading session; I expect to see a Corrective phase that will channel price into a good Buying zone around Y81.400 and Y82.200 (represented with Buy Window I and II on the chart).
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward : 1:5
Potential Duration: 6 to 12 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
