ForceFollower
Short

CAD/JPY Expected Trend Resumption

FX:CADJPY   Canadian Dollar/Japanese Yen
279 21 7
at the trendline , triple tops, a rebound off the sloped resistance, the yen strengthening again, the loonie quite weak but with a potential to make further decline...
alex.a
3 years ago
USD.CAD has reached decade high. 1.10 level so a lot of people out of nowhere, no reason but only that reason will try to buy again if USDCAD is lower than 1.10. Be careful ~
Reply
ForceFollower alex.a
3 years ago
I think USD/CAD will be probably headed nowhere in the coming few days, finding its footing pretty much the way that GBP/CAD recently did. I expect these North American ccies to be moving lockstep for a while, which in that case should not be a problem for CAD/JPY to weaken again.
Reply
alex.a ForceFollower
3 years ago
Exactly ~ affected by oil price ~ Good Chinese data will boost US Stock market ==> YEN pair might go up ~
Reply
alex.a alex.a
3 years ago
The crude oil and CAD ~ as long as oil is going up, not down, a bit difficult for CAD to go down.
snapshot
Reply
ForceFollower alex.a
3 years ago
A good point. These markets are positively correlated. Another problem is a very-long-term up trend in CAD/JPY and we're sitting on a bull trend line on a weekly chart.
I won't be happy, if it fails, but I can't help it. We're still good though. :-)
Reply
dem0nd
3 years ago
what about USD/JPY and EUR/JPY? advice?
Reply
ForceFollower dem0nd
3 years ago
The USD is very weak, keeps weakening, but is very oversold, so a some strengthening is possible, short-lived as it may be.
The EUR is losing momentum, weak but doing nothing special, so it can do anything now.
The JPY is actually quite steady now, gaining momentum and I expect it to strengthen soon.
Thus we should probably see some EUR/JPY decline and USD/JPY going rather sideways (and rather down than up).
Reply
dem0nd ForceFollower
3 years ago
Alright, thanks for the great info. I'm still holding my sell on EUR/JPY. Hopefully it will give something. I have opened up an order to sell EUR/USD as well.
Reply
ForceFollower dem0nd
3 years ago
I can't speak for EUR/USD, as it's very unclear to me now. But EUR/JPY, as long as the down trend line holds, may soon go down to the switch-back trend line.
snapshot
Reply
NizarRahalii
3 years ago
nice work my friend , im with you , look at htis idea
snapshot
i think that open sell order now with a SL above the resistance level , and take profit at the support level is a good idea , any way the main trend (daily) is still down , so we are always with our friend :)
Reply
NizarRahalii NizarRahalii
3 years ago
i forgot to tell you that the safe way is going short bellow the support level :) ok no problem , open other order is good loool
Reply
ForceFollower NizarRahalii
3 years ago
Thanks. Your up sloping lines laid bare the fact that the bullish sentiment is losing efficiency - another piece of evidence that bears get stronger here. Your support level is much higher than mine, but is well warranted (prior highs).

Generally, what we've got here is a young down trend (at least in my terms) that will either accelerate or revert. For comparison, the trend recovery that we've experienced in GBP/CAD was more likely, because the trend was quite mature. Here there's more risk coming from the young age of the trend. Nonetheless the this trend is strong enough to stage another swing down, I believe.
Reply
imaxcare
3 years ago
89.50-90.00 is the the downside target for me.....this range is also a buy zone for me....current 93
Reply
ForceFollower imaxcare
3 years ago
I agree - 90! - this whole number may be one of the reasons, why it could continue downward.
Reply
alex.a ForceFollower
3 years ago
Perhaps, now it is going down??? You predicted a bit early??? ^_^
Reply
alex.a ForceFollower
3 years ago
Now only matter firstly it has to break 92.4 Interesting...
Reply
ForceFollower alex.a
3 years ago
If another impulse comes, I think it can go down to 92.15. And that would be it for now, as the low 91.8 won't let it through to test the bottom. At least in the ongoing impulse wave.
Reply
alex.a ForceFollower
3 years ago
agree
Reply
Mirandole PRO
3 years ago
How Do you think for next weeks ?
snapshot
Reply
ForceFollower Mirandole
3 years ago
Currently not on my watchlist because the yen is too weak, but I'm bearish about this pair's outlook. Definetely would not be looking to go long; if I was looking to go short though, I'd be looking to enter at resistance at 91.955 or 92.370.
Reply
Mirandole PRO ForceFollower
3 years ago
Ok thx :)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out