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Cadjpytrade

CADJPY - SELL OPPORTUNITYCAD - BEARISH 1️⃣ Oil prices dropped over 1% on Thursday amid concerns that second wave of COVID-19 infections could hinder fuel demand recovery. 2️⃣ A turnaround in the global risk sentiment as depicted by a sharp fall in the equity markets. JPY - BULLISH 1️⃣ The Japanese Yen gains as accelerating coronavirus infection rates continued to dampen hopes of recovery for the United States economy. 2️⃣ The recent escalation of diplomatic tensions between the world's two largest economies forced investors to take refuge in traditional safe-haven assets. ===== Technical: ===== - Im look to short this pair on SBR level + SMA 50 area on h1 chart. - CADJPY in bearish zone.
Short
by MonsunAsia
CADJPY Trade Plan. Will it continue upwards?Good Afternoon Traders, Following the recent spike in price on the CADJPY, a pull-back may occur before further upward movement. On the 16H, price has closed well above the 240-LMA and it appears new support may have formed around the 78.16-78.52 region. RSI has entered Overbought territory as well. Bearish Divergence is beginning to form on the 16H Price Chart/MACD. If price draws back to support and Bearish Divergence is formed, long-entry consideration would be made. On the 3H charts, price has been Diverging from the MACD for 3 consecutive highs. A 4th area of Bearish Divergence is currently forming on the Price Chart/MACD. RSI has been in Overbought territory prior to the 3 previous draw-backs. RSI is again in Overbought territory and the previous conditions appear to be repeating themselves for a 4th time. (See attached 3H Chart) If Bearish Divergence is formed and price draws back to support on the 16H, long-entry consideration would be made. Thanks for reading. If you liked my analysis, please give me a follow. *The above is not investment advice but simply my analysis of the current market conditions*
by pofseur