📈🌟 "CADJPY Forex Analysis: Riding the Trends" 📈🔄
💹 Let's dive into another forex currency pair for trading analysis.
🔍 The Japanese yen (JPY) continues to weaken against other major currencies such as EUR, USD, and GBP, including the Canadian dollar (CAD), losing its value.
🕰️ In the weekly timeframe, if the current candle closes similarly, we observe strong buying pressure, with last week's two red engulfing candles indicating a continuation of the bullish trend.
🔄 In the daily timeframe, we are currently breaking an important weekly resistance, at least for the next 9 hours.
📊 For a long position, our resistance is evident in this timeframe. After the candle closes above 112.144 and confirms, we can open our long position, supported by all timeframes and our upward trend.
🔽 For a short position, we currently lack any triggers and will wait for the creation of a new space and trend change to find a short position trigger. I suggest patience, at least for breaking the uptrend line.
🛑 Even if you open a short position, I recommend quickly taking profits against the main trend or considering closing the position. However, for long positions, since we are in the direction of the trend, we hold them longer for higher profits.
💰 Our stop loss for the long position can be riskily placed behind the candle due to the strong buying pressure and lower shadow. However, it's more logical to place our stop loss around 110.307.
🎯 Our upcoming supports are at 110.307, 107.846, 104.907, and our resistances are at 115.309, with the final target resistance at 123.083 approximately.
🌍 I suggest paying closer attention to the economic reasons and events happening worldwide to understand why the Japanese yen is weakening.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🔍 The Japanese yen (JPY) continues to weaken against other major currencies such as EUR, USD, and GBP, including the Canadian dollar (CAD), losing its value.
🕰️ In the weekly timeframe, if the current candle closes similarly, we observe strong buying pressure, with last week's two red engulfing candles indicating a continuation of the bullish trend.
🔄 In the daily timeframe, we are currently breaking an important weekly resistance, at least for the next 9 hours.
📊 For a long position, our resistance is evident in this timeframe. After the candle closes above 112.144 and confirms, we can open our long position, supported by all timeframes and our upward trend.
🔽 For a short position, we currently lack any triggers and will wait for the creation of a new space and trend change to find a short position trigger. I suggest patience, at least for breaking the uptrend line.
🛑 Even if you open a short position, I recommend quickly taking profits against the main trend or considering closing the position. However, for long positions, since we are in the direction of the trend, we hold them longer for higher profits.
💰 Our stop loss for the long position can be riskily placed behind the candle due to the strong buying pressure and lower shadow. However, it's more logical to place our stop loss around 110.307.
🎯 Our upcoming supports are at 110.307, 107.846, 104.907, and our resistances are at 115.309, with the final target resistance at 123.083 approximately.
🌍 I suggest paying closer attention to the economic reasons and events happening worldwide to understand why the Japanese yen is weakening.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.