CAD/JPY: Buyers Responsive Movement!
What’s up guys and welcome to my profile, my name is Gianni and today I’m going to analyse the CAD/JPY, trying to translate the market information with a full technical analysis on different time frames perspectives.
For a better understanding of my bullish bias, let’s have a quick look on the monthly timeframe:
After the last bullish impulse, the market got a retracement, reaching a strong support level and retesting it during the current month.
Switching to the weekly timeframe:
The market got a good rejection on the support level but considering the long shadow on the last green candle, I could expect the presence of supply between the level 91.000 and 90.000, with a possibility of consolidation before the market movement.
Overall the market is making HHs and HLs, then the perspective is still bullish.
On the daily timeframe:
The market got a retracement of its previous bullish impulse with a clear rejection around the 0.618% of Fibonacci.
Finally back on the 4h timeframe:
The market has been following a descending channel until an initiative bearish pressure broke the channel to the downside.
On the weekly support the market got an increasing of demand and a strong responsive movement from the presence of buyers on the support level.
The price retraced back after the impulse around the 0.50% of Fibonacci and it’s currently retesting a local resistance turned into support.
Obviously the price is still inside the channel and before to plan my long position in this trade I would wait a breakout of the channel to the upside with a bullish price action and an entry point with a RRR of 1:2 or greater.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
For a better understanding of my bullish bias, let’s have a quick look on the monthly timeframe:
After the last bullish impulse, the market got a retracement, reaching a strong support level and retesting it during the current month.
Switching to the weekly timeframe:
The market got a good rejection on the support level but considering the long shadow on the last green candle, I could expect the presence of supply between the level 91.000 and 90.000, with a possibility of consolidation before the market movement.
Overall the market is making HHs and HLs, then the perspective is still bullish.
On the daily timeframe:
The market got a retracement of its previous bullish impulse with a clear rejection around the 0.618% of Fibonacci.
Finally back on the 4h timeframe:
The market has been following a descending channel until an initiative bearish pressure broke the channel to the downside.
On the weekly support the market got an increasing of demand and a strong responsive movement from the presence of buyers on the support level.
The price retraced back after the impulse around the 0.50% of Fibonacci and it’s currently retesting a local resistance turned into support.
Obviously the price is still inside the channel and before to plan my long position in this trade I would wait a breakout of the channel to the upside with a bullish price action and an entry point with a RRR of 1:2 or greater.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
