TradingView
Technician
Apr 20, 2015 10:21 PM

CADJPY: Pin Bar at Potential Reversal Area 

FX:CADJPY1D
Canadian Dollar/Japanese YenFXCM

Description

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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.

Comments
IvanLabrie
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My take and correlations/fundamental background:





Pretty big implications, for a cadjpy downtrend...
Technician
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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 .
IvanLabrie
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I think crude is done already. It overshot my targets but it's extremely oversold.
About confirmation, yes, there's no clear entry yet.
Technician
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Lets see if we get a trade.. Good night time to rest
IvanLabrie
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;) Have a good one.
EagleTrades
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Looks ready to reverse!
HamedAghajani
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I entered short at 98.50
Technician
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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
PriceActionTrading
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Perfect analysis. Nothing should go wrong.
AbdullahAljohani
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do you think it's going to break 96.40 area?
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