Get started

Cadjpytrade

CADJPY Breaks Key Support but Keep an Eye on 83.55On Friday the CADJPY broke below the 84.60 handle. This level supported the pair on December 5th of last year but had more recently attracted buyers on February 28th and March 9th. Today’s high of 84.61 illustrates a retest of this area as new resistance. And last week’s breakdown suggests that we could see prices continue to slide lower over the next few sessions. However, there is an area of support not far below the current price that I’m keeping a very close eye on. The 83.55 handle is the intersection of descending channel support and a horizontal level that played a crucial role between February and June of last year. The 83.55 level is also the 38.2% Fibonacci retracement when measuring from the 2016 low at 74.80 to the high at 88.91. If we compare the descending channel below to last year’s rally, the price action since mid-December does appear to be corrective. As such, I’m currently labeling the structure a bull flag, which could generate an impressive move higher over the coming weeks and months. But the key word there is could. While the past five months of price action looks relatively bullish, we won’t have any concrete answers until buyers manage a close above channel resistance. As for the 83.55 area, I’ll be watching for bullish price action should we get a retest over the next few sessions. Of course, another option is to wait for the pair to break consolidation first, but with a 300 pip range that may not happen for quite some time.
by Daily-Price-Action
CAD/JPY, LONG, DAY CHART (2-JAN-2017)Note: Overall, we are bullish on CAD/JPY. There are 2 trading plans for this pair: 1. It is a Swing Setup, price pullback nicely to the support zone and 20-EMA. We see bullish signal bounce back from 20-EMA and Support Zone. A good signal to long now. Alternatively, can wait for pullback again and another bullish signal for confirmation to long. 2. If a 2B reversal pattern formed or 1-2 bearish signals formed, It might reverse and go to the bearish side.
Long
by YongLiang
(CADJPY) Daily - Speculation and AnalysisWe have reached a strong support area, if it keep holding and we break a the yellow trend line its a good buy. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Liability Disclaimer : All trades posted here are my personal view of the market. If your planning to use them as signal, do your own research first and you are responsible for your own entries, exit, profit and loss management. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Improve you trade accuracy using Mongers Kit Mongers Kit is complete traders toolbox, with all the data and news you need to have successfull trades. Mongers Kit is packed with features such as : 1) order flows in real time. 2) current open positions from 4 different brokers. 3) real time news update. 4) T.V and Radio to your favourite channels (Bloomberg, CNN, ABC, etc). 5) Dynamic sessions - see all the rises and falls in each session. and much more, get your kit now at www.mongerskit.com If your my follower, you get 20% discount on your purchase of Mongers Kit. Contact me for more details.
Long
by Tradesmanship