Hello Traders,
Welcome to my analysis of CADJPY.
Here I've highlighted in the chart a rising wedge in the middle of a downtrend shown with higher lows and lower highs.
I'm waiting for this pair to continue to the last bullish rally and then show signs of reversal around the 77.000 area.
After signs of reversal and confirmation is shown I will be looking to follow the trend downwards to an area of 74.700 at the minimum. Price could also continue to drop below that level if market conditions allow.
Please share your views, like and comment and even give me a follow :)
Thanks, Roo.
Please note, I am not a professional trader and do not control the market. These are simple ideas based on what I see and what I have learnt. Risk is on you if you choose to follow as I cannot be responsible for your Forex account.
Welcome to my analysis of CADJPY.
Here I've highlighted in the chart a rising wedge in the middle of a downtrend shown with higher lows and lower highs.
I'm waiting for this pair to continue to the last bullish rally and then show signs of reversal around the 77.000 area.
After signs of reversal and confirmation is shown I will be looking to follow the trend downwards to an area of 74.700 at the minimum. Price could also continue to drop below that level if market conditions allow.
Please share your views, like and comment and even give me a follow :)
Thanks, Roo.
Please note, I am not a professional trader and do not control the market. These are simple ideas based on what I see and what I have learnt. Risk is on you if you choose to follow as I cannot be responsible for your Forex account.
No update to chart, however price is beginning to move towards trendline.
Already in a buy, please trade sensibly
Thanks, Roo :)