CADJPY S/R Flip|Oversold Bounce|.618 Fibonacci|Volume Influx

FX:CADJPY   Canadian Dollar / Japanese Yen
Evening Traders,

Today’s Analysis- CADJPY – price impulse through key structure, an S/R flip retest will validate it as support.

Points to consider,
- Trend oversold bounce ( RSI )
- .618 Fibonacci (Resistance)
- Structural support (S/R Flip)
- Stochastics sell cross
- Volume influx

CADJPY trend impulse was due to oversold conditions indicated by the RSI . A swing lower failure will indicate continuation.

The bearish .618 Fibonacci has been respected, price is likely to retrace for an S/R Flip retest. This will solidify structural support holding true.

The stochastics has a valid sell cross which is indicative of momentum shifting in the market. A volume influx is also present, these influxes usually mark temporary tops.

Overall, in my opinion, CADJPY is likely to retrace and hold structural support. This will validate a long trade with defined risk. Discretion is to be used upon management.

What are your thoughts?

Thank you for following my work!

And remember,

“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota


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