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Cadjpytrade

Cadjpy risky longsCadjpy has been in a long term uptrend, so we should be preparing for a distribution. Nevertheless, this lends credence to a trend following approach being optimal. A pullback to the previous high of the pair should signify a highly probable formation of a Higher Low to shoot for a continuation long. Incidentally the pullback zone is also the 61.8%/50% fib level of the upmove. The bullish break and retest of the LTF descending trend line and the LTF minor resistance should most probably start a bullish climb to equal highs at least. Pls like and drop quick sub and COMMENT!.
Long
by LexyenHille
Sell CADJPY [4 May 2022]Monthly: Bearish . Even though price has not entered my ideal sell zone between 109.00 and 113.00, there is a divergence on the monthly TF. So, there is a chance that market will start to drop before reaching my ideal sell zone. The current price is also at a sell zone which has been tested previously. But because it has been tested previously, the chances of price breaking through this zone is there. As such, there will be a few levels that I will be selling. Weekly: Bearish . Same reasoning as the above. Daily: Bearish divergence. There is an increase in the buying volume on 28/April/2022, the body of the candle is a strong bullish candle, however, the subsequent candle on 29th was a bearish candle, indicating there is not enough demand to push the price higher. H1: Market made a Break of Structure (BOS) which acts a confirmation for market to drop further. Waiting for price to re-enter the POI zone before we can place a trade. Considering that my bias is a strong bearish , the following price points would be the areas that I would be interested to sell and stack my positions. Entry 1: 102.05 Entry 2: 109.20 SL: 102.40 (I don't use SL because I will stack my positions until it goes to my direction). TP: 97.95
Short
by Syahmul
CADJPYThe Canadian dollar bounced on Wednesday at the ¥99 level, an area that should capture a lot of attention because it has historically been very important. Furthermore, we had initially seen a major push lower when we pierced that level for the first time, so now that we have pulled back to retest this area, a bit of buying pressure would make quite a bit of sense. At this point, it could come down to the oil market perhaps driving the Canadian dollar higher, or it may just simply be all about the Japanese yen. After all, the Bank of Japan continues to do everything it can to drive down yields, and this means that they are essentially “printing yen.” That works against the value of the currency, and this has been reflected in the markets over the last several weeks. That being said, we had gotten overdone, and this massive pullback has made a certain amount of sense. That pullback allows for people to pick up the trade at lower levels, which is certainly something that looks like we are going to do. Unless the Bank of Japan suddenly changes its attitude, it is difficult to imagine a scenario where we would see the Japanese yen recover for a longer-term move. Even if we break down below the ¥99 level, I see a lot of support all the way down to at least ¥97, so therefore it is probably only a matter of time before the market bounces. The market is obviously in a bullish move and as a result, I have no interest in trying to short this market until we break down below the 50-day EMA at the very least. If crude oil starts to rally, then that will more likely than not supercharge this pair, because Canada being a major exporter of oil and Japan importing all of its oil sets up almost perfectly. Because of this, this is a market that I will be paying close attention to, as it looks like oil is trying to support itself again. A move to the highs would make sense, which is near the ¥103 level. Shorting is impossible at this point, but if we do see another breakdown in the yen-related pairs, this might be one worth exploring.
Long
by SmoothJB