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IvanLabrie
May 23, 2015 3:09 PM

CADJPY: Neutral, probably pending upside to be seen 

Canadian Dollar/Japanese YenFXCM

Description

CADJPY has been in a consolidation for some time, before launching a fierce uptrend, in what I consider to be a wave C impulse in a larger flat.
I considered the move complete, but looking at how it behaved after topping, I suspect that the uptrend isn't complete yet.

We can observe a series of smaller timeframe trends briefly putting the bears and the bulls in command, typical triangle behavior.
Also, the daily and weekly rgmov remain signaling an uptrend, while price stopped falling when meeting with the lowest high trendline I drew from the lows, and we have a series of highs and lows where we don't observe a move past them, effectively suggesting coiling price action, yet to explode.

The explosion will most likely be up if this is indeed a wave 4 triangle, but we'll see.
For the time being, I refrain to trade this pair until it shows directional commitment on either side.
Tread carefully!

Cheers,

Ivan.
Comments
manijeh.kazemi.33
IvanLabrie
Well, in that spirit, I'd say that it needs another touch against the upper channel line.
Bone-Collector-444
though ill be happy to take profit at 102.47
Bone-Collector-444
CADJPY is a long to around 103.47
IvanLabrie
It's fighting the mode resistance, but yes, probably a long for some time.
IvanLabrie
Lowest high trendline still holding, last bar has been considerably bullish and even retested the mode, looks like the start of a move up.
Nick_C_
This looks good, I think we will see resolution to the upside
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