CADJPY: Looking to retest ascending trendline & order block
Price Action is suggesting that CADJPY will continue it's move up to again retest the ascending dynamic trendline that it's been bouncing around since the end of last year.
Looking at CADWCU and JPYWCU, CAD is looking bullish to me with a pinbar on the 1D time-frame, JPYWCU on the other hand has broken an ascending trendline (1D) to the downside and has just posted a bearish engulfing candle.
I'm positive about JPY long-term because of the way they've handled their economy, limiting inflation without interest rate hikes, and maximising exports (due to the low currency value). We're just not yet seeing the impact of this, due to the higher interest rates that can be earned with other currencies.
I'm looking to get in long when I see confirmation on the LTF's, this may mean CADJPY could drop a little with an initial retracement (maybe down to 97.2), this would of course generate a better RR.
Looking at CADWCU and JPYWCU, CAD is looking bullish to me with a pinbar on the 1D time-frame, JPYWCU on the other hand has broken an ascending trendline (1D) to the downside and has just posted a bearish engulfing candle.
I'm positive about JPY long-term because of the way they've handled their economy, limiting inflation without interest rate hikes, and maximising exports (due to the low currency value). We're just not yet seeing the impact of this, due to the higher interest rates that can be earned with other currencies.
I'm looking to get in long when I see confirmation on the LTF's, this may mean CADJPY could drop a little with an initial retracement (maybe down to 97.2), this would of course generate a better RR.