Currency
Short

Is CADJPY about to make a big u-turn?

FX:CADJPY   Canadian Dollar / Japanese Yen
13 2 0
This pair is one of the JPY crosses that's on my radar with a clear direction. After exploding to the downside and making a huge sideway move on the daily TF, price action is signaling weakness in what may be a potential smaller bear flag . Look for divergence on your oscillator on a lower TF as price action approaches the top of the flag and wait for bearish impulses. Please note that it's possible for the flag to be more complex and takes more time to complete. Invalidation occurs only if price action explode upward and break the flag. I'll be targeting the major fibo level and strong psychological number of 75 once the sell is in play.

CADJPY has changed structure once again. The complexity of this correction serves as additional assurance that there is one more big move down. The market will not give away its pips that easily! Yet those with the appropriate level of patience will reap the rewards soon enough. As of now there are 2 options to join the next move down: either sell at the top of the C wave after weakness is detected, OR wait for the break up of the entire flat structure.
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Structure has changed as this pair is no longer likely to be in a bear flag. A barrier wedge is now the preferred anticipated structure. This pair is appearing to be making its way back to the top. I will look for a sell if it bounces.
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