CAD/JPY - 1H - Rising Wedge

FX:CADJPY   Canadian Dollar / Japanese Yen
CAD/JPY is in a bullish trend, making HHs and HLs and forming a Rising Wedge. The price action is currently making a pullback into the rising support which has a confluence of slow MA dynamic support.

The Bullish Bias is based on the following signals:

  • Bullish trend (price making HHs and HLs)
  • GMMA: fast MA above slow MA with separation
  • Slow MA acting as dynamic support
  • RSI above 50 and not too near overbought levels
  • OBV convergence with price (uptrend has conviction)

Expecting bulls to be in control above the rising support. Go short if the wedge breaks downside.

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