CADJPY: Pin Bar at Potential Reversal Area

FX:CADJPY   Canadian Dollar / Japanese Yen
1488 13 26
Watching this confluence
  • 200-Days SMA
  • Rising Trend line resistance
  • 127.1 extension level for the latest bearish wave
  • Shooting star candle

Chances for another bearish leg seems above 50 percent for me. A break below yesterday's low at 97.14 may confirm a short trade.

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Key Area
-1 Reply
I entered short at 98.50
Technician HamedAghajani
Looks good. I have a bearish bias on all JPY pairs for the coming short period, but still don't have a signal to short
Looks ready to reverse!
+1 Reply
Perfect analysis. Nothing should go wrong.
do you think it's going to break 96.40 area?
AbdullahAljohani AbdullahAljohani
Technician AbdullahAljohani
Only in the case that 97.14 my bias will shift to short. So far as you mentioned in the chart its a bullish breakout
-1 Reply
My take and correlations/fundamental background:

Pretty big implications, for a cadjpy downtrend...
+2 Reply
Technician IvanLabrie
I see your view, but i prefer to wait for confirmation for this one as I see the breakout in crude still has room, also USDCAD .
-1 Reply
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