themarketzone
Long

Bullish harmonic scenario - More than 800 pips potential move

FX:CADJPY   Canadian Dollar/Japanese Yen
$CADJPY's weekly chart shows us that last week this pair failed to break below a major weekly structure zone (81-83). This structure zone (now support) managed to keep $CADJPY above it for almost 2 years between 2009 and 2011 (see blue arrows).
If this support zone will hold, we have potential aggressive C entry in what could turn out to be a weekly bearish Gartley that will complete near 113 (yellow pattern).
That's still way far ahead, but even if we will consider a rally to nearest weekly structure resistance (88-90), we see potential for 600-800 pips rally in $CADJPY.

The daily chart shows also smaller bearish Bat (red) with potential aggressive C setup:
With stop loss below 79-80, you can try and trade this potential Aggressive C entry for a bearish Gartley pattern (red) and also a daily double bottom that was created last week.
If Oil             will continue its bullish weekly, and therefore CAD will gain strength, $CADJPY can become a very interesting, low risk high potential reward swing trading opportunity.

Tomer, The MarketZone
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Tomer J,
The Market Zone - You trading Edge
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