CADJPY has been printing higher lows and higher highs on the lower timeframes. However RSI and MACD are showing weakness in this uptrend. A drop in this pairing is what will be looked out for.
Although price closed pretty bearishly on Friday, the ascending trendline and support 83.102 looks strong enough to hold. And if you look on the weekly timeframe, there’s a descending trendline too. The previous structure high (84.590) didn’t manage to touch that descending trendline. Thus, a new high is expected to form to reach that trendline and form some sort of divergence r double top, before making a bearish movement to the downside.
If price happens to breakout the weekly descending trendline, longing this pair will be more favourable than shorting it
Although price closed pretty bearishly on Friday, the ascending trendline and support 83.102 looks strong enough to hold. And if you look on the weekly timeframe, there’s a descending trendline too. The previous structure high (84.590) didn’t manage to touch that descending trendline. Thus, a new high is expected to form to reach that trendline and form some sort of divergence r double top, before making a bearish movement to the downside.
If price happens to breakout the weekly descending trendline, longing this pair will be more favourable than shorting it
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