CADJPY-Can price hit 108.000 again? Possible Buy Opportunity?
Our previous published CADJPY buy idea reached its target-108.000, since then price has been on a bearish run making lower lows and lower highs on smaller timeframes.
Upon analyzing this evening i have noticed price is resting at a major confluence zone. This confluence area consists of support/resistance, Fib zones and 3rd trendline touch.
Combining these technical factors should result in a relatively strong reversal area though it is not guaranteed.
I will monitor price action and wait for price to break intraday timeframes before entering any positions.
Always conduct your own analysis before entering any orders and remember to use proper risk management.
Happy Trading!
Upon analyzing this evening i have noticed price is resting at a major confluence zone. This confluence area consists of support/resistance, Fib zones and 3rd trendline touch.
Combining these technical factors should result in a relatively strong reversal area though it is not guaranteed.
I will monitor price action and wait for price to break intraday timeframes before entering any positions.
Always conduct your own analysis before entering any orders and remember to use proper risk management.
Happy Trading!