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CADJPY Watch Out, possible short!CADJPY hitting resistance, tested unsuccessfully (could test again, watch out) Technicals: Fibonacci Level, structure and over-bought RSI suggest short Fundamentals: CAD gaining recently due to higher OIL prices (how long will that continue?), JPY's recent rapid depreciation (since Trump won elections) can generate capital outflows, so I believe JPY should be pushed up against main currencies, affecting CADJPY as well Good risk reward ratio, if trend and Fib broken, long could generate good profits, but to me it seems short due to the abovementioned reasons
Short
by DzhuneytYusein
4
Nikkei - Fake Breakout or a usual shakeout after breakout?The above is the weekly comparison chart of the Nikkei (candles) and USD/JPY (bars). We can clearly observe that the benchmark index closely follows the movement in the Yen. Fake Breakout - The index had seen a bullish break above the descending trendline. However, the follow through has been weak. In fact, the current weekly closing is back below the descending trend line. Shakeout after Breakout - However, this could also be a usual shakeout after the breakout. Such moves are often seen on larger time frames like - weekly and monthly. Furthermore, the Dollar-Yen pair has formed a nice rounding bottom formation over the last few months. This increases the likelihood the Nikkei index gaining strength once again in the near future.
TVC:NI225
by TipTVFinance
USDJPY long : The downside trend just reversed !The USDJPY pair just made a trend change ; it has been confirmed at the beginning of the week. For the past 12 months, USDJPY was in a fast downside trend, losing approximately 20%. But once it has reached the very strong psychological level of 100Y for 1$, we have noticed a change in the bearish dynamic. After three bounces at this price (now Major support area), the downside trend made a reversal, confirmed by two facts : - first (PINK 1 on the chart), both the 80 days Moving average and the upper descending trendline have been passed when they were previously containing buyers during the whole bearish wave. This was one indication that the trend was about to reverse. - secondly (PINK 2 on the chart), the previous top at 104.155Y has been passed too. This is definitely showing that the downside trend is over, by definition. Now, the USDJPY pair should continue its ascension toward the first and second resistances that correspond to the two next tops. The short term level to look at closely is 102.80Y because this is the first invalidation level of the reversal. If it is broken, this will show some signs of weakness of the reversal. Obviously, if 100Y had to be broken too, this would definitely mean that the downside trend is back. For the ones who want to initiate a long position based on that idea, the short term stop should be placed just below 102.80Y (invalidation of the reversal scenario). Feel free to comment your idea and suggestions !
Long
by AlexandreNygal
4