Institutional Weekly and Daily Supply for CAD/JPY
Dear Traders,
This idea is based on the weekly and daily supply area being reached on CAD/JPY, the CAD pairs experienced a big push last week based on fundamentals. What we often see is that price is reaching supply or demand area's after this news event and a lot of retail traders are being trapped at the wrong side of the markets.
For CAD/JPY I expect a downside move from the daily supply area outlined on the chart, preferably a push back into supply first before the move to the downside. As always, use the lower timeframes such as the 4hour and 1hour chart for clean signs of bearish price-action coming in.
Best regards,
The NCFX Team
This idea is based on the weekly and daily supply area being reached on CAD/JPY, the CAD pairs experienced a big push last week based on fundamentals. What we often see is that price is reaching supply or demand area's after this news event and a lot of retail traders are being trapped at the wrong side of the markets.
For CAD/JPY I expect a downside move from the daily supply area outlined on the chart, preferably a push back into supply first before the move to the downside. As always, use the lower timeframes such as the 4hour and 1hour chart for clean signs of bearish price-action coming in.
Best regards,
The NCFX Team
Trade active:
Hey Traders,
As expected, price moved to our supply area and is ready for the pullback to the downside. Due to the extremely bullish higher timeframes, a short-term pullback is expected.
The daily fib extention -0.27 is slightly higher and might be tapped next week before the downside move, if you enter already make sure the stoploss is savely above 83.14.
Best regards,
The NCFX Team
As expected, price moved to our supply area and is ready for the pullback to the downside. Due to the extremely bullish higher timeframes, a short-term pullback is expected.
The daily fib extention -0.27 is slightly higher and might be tapped next week before the downside move, if you enter already make sure the stoploss is savely above 83.14.
Best regards,
The NCFX Team