FX:CADJPY   Canadian Dollar / Japanese Yen
The CAD has been relatively neutral (though strongish during the correction), whereas the JPY has kept on being strong in the long-term perspective. In terms of the cycles of momentum of both currencies, the CAD seems to be likely to complete its rising phase and the JPY about to strengthen a bit. The trend is still down. Now that price has approached the upper MLH of a down sloping Schiff pitchfork , there's some good (approx. 80%) chance that the selling pressure intensifies and the rally gives way to a decline back towards the median line . This is also where the basic Fib levels coincide.
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Looking bullish:

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OK. I'm out. That's pretty much what I expected to get.
+2 Reply
Mirandole ForceFollower
Well done buddy !
+1 Reply
itaskar ForceFollower
very nice
+1 Reply
prachait ForceFollower
Helpful, thanks |
+1 Reply
Thank you, guys. I'm still short NZDJPY and NZDUSD.
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An update. At a potential resistance, quite likely to retrace back down to the dashed line.
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ForceFollower can we say or confirm that the latest 4hr candle is good breakout of the last channel in the fork?
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ForceFollower Mazen_alhegili
Sure, TheiDev, no matter how you draw it. It looks like a fact to me. Now I'd expect a retracement though.
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