Canadian Dollar / Japanese Yen
The CAD.JPY continues to consolidate deeper than initially anticipated. However, the 4-hour has now entered overbought status at 83.14 indicating early signs of reversal.
Drawing an ascending from 08, March at 06:00 to the current value presents a level at 83.60 that price much breach before indicating a sell-off.
Active Portfolio - CAD.JPY 0.34% DD
A rejection of the 2815.0 horizontal on the 04, March 2019 presented an breakout on the .
The continued acceleration in the first week of March indicated a large sell-off was highly probable.
However, on the 08, March 2019 a low-test reversal candle formed rejecting the Daily 50EMA, confirming the oversold status on the 4-hour timeframe.
Currently, there's no trade opportunity or predicted direction until a significant break of 2815.0 has developed.
I outlined in Market Review #1 that the $60.00 continued to hold as the key trading level. Until any such time where price rejects or breaches this structure, I'll be sitting on the sidelines.
Well, the price is now quickly approaching the trading zone at $59.00
I'll continue to monitor and update you on price action in the coming weeks as I delve deep into intraday price action to identify early signs of weakness.
Have a great week.