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CADJPY Breakout Rejection - Consolidation In Short Term. SELLCADJPY's attempt at making a breakout above the 76.800 level seems to have lost strength, and I see it now consolidating in a narrow range between 76.800 and 76.650 levels in the short term. A clear trend maybe seen after getting out of this consolidation range, but right now, I will look at going short in this pair since the breakout attempt seems to have been rejected. I would set my take-profit level at 76.650 level, which is not much, but since this is the consolidation range, we cannot expect a very high take-profit range anyway.
Short
by trendtrader
1
CADJPY LONG! A Look at Daily Good news First: 1. Pair is trading at multiple Buy-Zones. --For Long position to fully execute, Cad HAS to be stronger than JPY, preferably on all time-frames (something to eye) Notably also is price battling a deep trend-line-- Otherwise, We Are Good To Go! Note: Idea is to complement your research. Check comments section for future updates on idea. Like this idea? Like, Share, Follow, and Support channel for future content. Thank you and happy trading.
Long
by legacyliked
1
CADJPY is Setting up For Further DeclineCADJPY's 4 hourly chart revealed the downtrend since the February 20, 2020 high formed a complete five-wave impulse. Labeled (i)-(ii)-(iii)-(iv)-(v), this pattern meant a three-wave correction should follow. And that's what has been unfolding since the bottomed on 9th March. The price made a three-wave rally in wave (a), followed by another three-wave decline in wave (b), these three-waves move inclined that a 3-3-5 flat pattern is in the making. Once the current rally in wave (c) is completed, we would most likely see another decline that will trade below wave (b) low. What's your view on CADJPY?
Short
by Veejahbee
2