FXtrades-gp

CADJPY: The price back to its MAIN TRENDLINE?

Short
FX:CADJPY   Canadian Dollar / Japanese Yen
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🟢Forex Pair:
CAD/JPY

Technical Analysis:
Since January 2021, the price has been bouncing many times between two S/R level , one at about 82.100 and another one at about 81.000.
On the 28th of January, the price reached also the main trendline, getting an interesting quick rejection, pushing the price up until the resistance zone .
During the last daily session, the price attempted to break through it, failing and showing a sign of weakness and uncertainty.

🔴Conclusion:
I'm confident to see a possibility to re-test the main trendline, few pinbars on the h4 chart could be a sign of inversion.
I'll be waiting for the next few candles to confirm my analysis and then I'll plan my short position on this trade.
I highly suggest to do not open any position right now!

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

Great content, Gianni! Thank you for sharing!
+1 Reply
@Dana16, Thank you for ur feedback, I really appreciate that:)
Reply
Very resourceful, thanks for sharing.
+1 Reply
@abel11, you're welcome abel, thanks a lot
Reply
good one
+1 Reply
FXtrades-gp HAZEANUMONK
@HAZEANUMONK, have u got the same view?
Reply
FXtrades-gp HAZEANUMONK
@HAZEANUMONK, many thanks for your feedback!
Reply
thank you for the update :D
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, as always, thanks for ur feedback Rich! :)
Reply
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