CADJPY_4HCADJPY_4H BEARISH
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JPYCAD trade ideas
Bearish drop?CAD/JPY has reacted off the pivot and could drop to the 1st support.
Pivot: 108.81
1st Support: 107.43
1st Resistance: 109.55
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CADJPY Downtrend Analysis: Bearish Momentum ContinuesThe CADJPY remains in a strong downtrend after completing its first wave structure to the downside. The corrective wave offered no signs of a trend reversal, confirming the sellers’ dominance.
Yesterday, during the Tokyo session, a new bearish wave structure began, breaking below the first wave's momentum low. Wave 2 formed as a correction to Wave 1, creating an opportunity to look for short trades below 108.614. A break below 107.65 (momentum low) is expected, with a Fibonacci target of 61.8% as a likely end for the current wave.
Key levels to watch:
Entry: Below 108.614
Target: 107.65 and Fibonacci 61.8% level
Stop Loss: Above 109.05
Selling above 109.05 is not recommended.
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CAD/JPYThe pattern consists of four key price swings (X-A, A-B, B-C, C-D), forming an "M" shape. The bearish butterfly is typically observed at the end of an uptrend and signals a potential reversal to the downside.
X to A: The initial leg is an upward price move.
A to B: A retracement of the X-A leg, typically around 78.6% of the X-A move.
B to C: A corrective move higher, often retracing 38.2% to 88.6% of the A-B leg.
C to D: The final leg extends beyond the initial X-A move, completing at 127.2% or 161.8% Fibonacci extension of the X-A leg.
#CADJPY Sell 108.533 - 108.733💎 #CADJPY Sell 108.533 - 108.733 💎
Stoploss 109.133
Breakeven+ 108.483
TakeProfit 1: 108.333
TakeProfit 2: 108.133
TakeProfit 3: 107.933
TakeProfit 4: 107.733
TakeProfit 5: 107.533
TakeProfit 10: 106.533
TakeProfit 20: 104.533
TakeProfit 30: 102.533
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The Wizard 🧙♂️
Monday 01/20/2025 06:45 PM EST
CADJPY: Long Signal with Entry/SL/TP
CADJPY
- Classic bullish setup
- Our team expects bullish continuation
SUGGESTED TRADE:
Swing Trade
Long CADJPY
Entry Point - 107.69
Stop Loss - 107.17
Take Profit - 108.75
Our Risk - 1%
Start protection of your profits from lower levels
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CAD/JPY H4 | Rising into overlap resistanceCAD/JPY is rising towards an overlap resistance and could potentially reverse off this level to drop lower.
Sell entry is at 108.82 which is an overlap resistance.
Stop loss is at 109.72 which is a level that sits above the 127.2% Fibonacci extension level and a pullback resistance.
Take profit is at 107.59 which is a swing-low support that aligns close to the 61.8% Fibonacci retracement level.
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