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:

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.
An update. At a potential resistance, quite likely to retrace back down to the dashed line.
ForceFollower can we say or confirm that the latest 4hr candle is good breakout of the last channel in the fork?
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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