JordanFreeman

Technical Outlook for CADJPY

FX:CADJPY   Canadian Dollar / Japanese Yen
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After topping out in late March, CADJPY began to correct after missed CPI estimates that came in as the lowest reading for the year. In the first few days of the correction, we say a right angled broadening wedge that eventually caused the even stronger bear correction. Once the correction finished over that next week, it bottomed out on the 24th of April 2017 where it would find support to begin a major uptrend as it headed into May. After an excite bullish gap pushed into a full strength uptrend, the uptrend found resistance and price began to move sideways as expected due to iffy economic data. Price Action also formed a steep equal triangle that got busted on May 6th towards the end of the day. It found support from the bottom structure of the major uptrend and a pipe or micro double bottom pattern pushed it off the bottom to spike through and retest top of major top and push through to a new high. We saw consolidation on the way up around the .786 fib retrace and now price is finding comfort and at a .500 fib confluence area as it corrected. If and when price passes the B point of my bullish advanced pattern , that will be on signal to short. If it continues to follow the path to C, look for swing long entries up to C and be ready to short when it hits the C point. Stop loss points and target projections for longer term move still need more structure before they can be found.

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