CADJPY Short 4H chartHi traders,
We are going to wait for a break of the trendline after a triple top has been created with a final exhaustion move. After the price, I suggest going short with half position as I'd like to wait for a break of the strong zone that has been drawn with a light blue rectangle. Once this is broken with a momentum candle, I will go short.
There was a long uptrend before so I suspect a strong push to the downside after the price has consolidated for a longer time.
As always, please be patient and wait for confirmation!
Cadjpyforecast
Watch out for this pair!As this pair has closed with a bearish candle, this pair is still on consolidation mode just right at the monthly's inverse Head & Shoulders.
Despite the bullish stance the Japanese Yen is delivering to the market in addition to the bearish stance Crude Oil is giving, the Loonie-Yen pair is still able to maintain its consolidation mode.
Whatever path it takes, the move will be huge.
CAD/JPY - 200+ Pips OpportunityCAD/JPY 0.31% is most possibly in a reversal mode at the moment being.
In the shorter term charts, we can see the convergence divergence with the MACD , with prices moving higher yet MACD making lower lows.
If this resistance holds then we can expect CAD/JPY 0.31% to go down at least 200 pips.
Always trade with your own analysis as well as money manage properly.
Happy Trading!
Loonie up, Yen down?As shown on the graph representation, the CADJPY monthly time frame has formed an inverse H&S... and it is currently hovering at the neckline of the monthly inverse H&S! It's gonna be tough... but it's going to be interesting!
I currently have long CADJPY as seen on my previous analysis.
Possible push higherAs seen on the graph represented for you, the 2-hr ascending trend line has still been intact. Whenever it has broken a consolidation, it has allowed to push higher... then back to consolidation before any push higher.
Due to the recent events of the Bank Of Canada wherein it has applied a rate hike after years of keeping the rates intact, the Canadian Dollar has strongly pushed higher on several of its Forex pair despite the slow recovery of the Crude Oil (WTI and Brent).
CADJPY: RSI divergence + MACD + Falling wedge pattern = LONG Look for buy on first impulse , its a very good risk-reward setup. Linked below is my USDJPY and XAUUSD setups, both of them are in good profit, you can still enter based on your strategy.
Give it a like if this has helped you in any way. Follow for more ideas and daily updates
CADJPY ON THE RISE With Japanese markets closed until Friday, it could be the end of the week before the JPY pick up again . The Loonie have so much advantage now... I took long position from 83.605 with 4 Tps. We'll see how this transpire, but am sure it will be a good, as usual :)
Have fun trading!