CADJPY: Bearish Breakout Forecast
Hello everyone, this is my analysis for CADJPY;
- As you can see, the price first broke through the bullish channel after reaching close to the top descending trend-line. Recently, price had entered a corrective structure after the breakout following the A-B-C Elliot Wave pattern and has broken that structure as well. A bearish channel has formed after the second successful touch to the top descending channel trend-line, as well as a triple top. The 200 MA and 240 WMA are right above the current price, possibly acting as further resistance to prevent a push upwards.
- The main target for the short is around the 80.50 key level w/ a touch to the bottom trend-line of the channel. If price pushes above the MA and WMA and the trend-line - above 83.25 - it may indicate an invalid setup, and a re-test of the previous broken bullish channel is possible before a further decline.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
- As you can see, the price first broke through the bullish channel after reaching close to the top descending trend-line. Recently, price had entered a corrective structure after the breakout following the A-B-C Elliot Wave pattern and has broken that structure as well. A bearish channel has formed after the second successful touch to the top descending channel trend-line, as well as a triple top. The 200 MA and 240 WMA are right above the current price, possibly acting as further resistance to prevent a push upwards.
- The main target for the short is around the 80.50 key level w/ a touch to the bottom trend-line of the channel. If price pushes above the MA and WMA and the trend-line - above 83.25 - it may indicate an invalid setup, and a re-test of the previous broken bullish channel is possible before a further decline.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!