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Cadjpylong

CAD/JPY MANUALLY CLOSED BEFORE TP HIT! RECAP WEDNESDAYWe entered CADJPY on Wednesday last week and again this was another trade that we had to be patient with. Eventually we started seeing drawback which we were confident that the trade would continue in a bullish momentum and hit our Take profit level. All though we closed our positions out early and secured a further +30 Pips to recoup the losses we had earlier during the week. with this trade secured we were now up +100 pips for 3 days (including our losses).
Long
by Forexinsightsuk
CADJPY - Bullish BiasCAD - BULLISH 1️⃣ The Bank of Canada kept the interest rate unchanged at 0.25%. Additionally, the central bank forecasts positive GDP growth in the first quarter of 2021 as the economy is proving to be more resilient than anticipated to the second wave of the virus and the associated containment measures. 2️⃣ Oil prices, one of Canada’s major exports, steadied around $64 per barrel, near an over 2-year high of $67.98 hit in the beginning of the week. 3️⃣ The economy advanced an annualized 9.6% in Q4, beating market forecasts of 7.5%. JPY - BEARISH 1️⃣ A strong post-pandemic recovery in the US after the US Congress passed a US$1.9 trillion relief package Wednesday to support businesses and households battered by the coronavirus pandemic. 2️⃣ Producer prices declined 0.7% annualized in February, falling at a slower pace in February for a 3rd straight month. 3️⃣ Positive risk tone weighing on the safe-haven JPY. ===== Technical ===== We are looking to buy the CADJPY on RBS + above SMA 50 on the H1 chart. ===== Risk to this trade ===== Any change in sentiment could turn the pair's direction.
Long
by MonsunAsia
CADJPY facing bullish pressure Price is taking support on 1st support level, in line with the ascending trendline support, horizontal pullback support, 78.6% fibonacci extension and 38.2% fibonacci retracement. Prices might potentially bounce to 1st resistance , which is a 78.6% fibonacci extension and -27.2% fibonacci retracement. If prices fall through the first support, prices might pullback to 2nd support which coincides with horizontal swing low support, 161.8% fibonacci extension and 38.2% fibonacci retracement. EMA is also below prices, suggesting a bullish pressure on the prices.
Long
by TradeGATEHub
5
CADJPY facing bullish pressure, potential for further upside!Price is facing bullish pressure as it continues to hold above both the Ichimoku cloud and ascending trendline support, in line with our bullish bias. We could potentially see a bounce at our 1st support level at 84.867, which is in line with our 61.8% Fibonacci retracement and 161.8% Fibonacci extension, and a further rise towards our 1st resistance level at 85.542, which is in line with our 61.8% Fibonacci extension and horizontal swing high resistance. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by TradeGATEHub
3