Technical and Fundamental analysis for CADJPY

FX:CADJPY   Canadian Dollar / Japanese Yen
On the daily, It shows the the CADJPY is in a Bullish trend as the 200EMA is below price. On the 4 hour chart, I placed my stop loss below the Kijun Sen. I would be in the trade as soon as price breaks through the resistance line and becomes support at 86.212 and hopefully hit my take profit which is at 89.456.There has already been a TK cross which indicates that the the trend it still in a long term trend. Price is also above the Bullish Kumo which shows that the trend is in a bullish trend . The chikou span gives me conformation to show if i should enter the trade or not. As it is above price, the tells me that the bullish trend is strong enough for me to enter the trade.

For the Fundamental analysis , on Thursday 30th August shows the Canada gross domestic product(GDP) which is the annualised change in the inflation-adjusted value of all goods and services produced by the Canadian economy. It is the broadest measure of economic activity and the primary indicator of the economy's health. Canada releases fresh GDP data on a monthly basis. The previous forecast was 0.1% and the predicted forecast is 0.3%. If the reading is stronger than forecast can show that it is bullish for the CAD, while a weaker than forecast reading is bearish for the CAD.

To conclude, I would go long on this pair as all my signals from the Ichimoku show me that price can go up, I don't worry to much on the news as my risk management allows me to lose small or win big as my risk to reward ratio is 1:2 or higher.


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