Daniel.B

Level of resistance to keep an eye on

FX:CADJPY   Canadian Dollar/Japanese Yen
154 2 2
Well the pair is now approaching previous resistance which is at the . 382 Retracement of the previous leg down. So I'm personally neutral on this pair until I get a signal to enter short, such as a daily candle doji or pinbar (I don't trade engulfing candles due to unfavorable Risk/Reward offered by them). Will keep updated with targets if trade is entered.

A daily candle close above resistance will signal me to look for long entries on the lower time frames. Also, if that happens I will update with a lower time frame chart to show my targets and stops. Cheers =)

Also do note the 200 MA has essentially flat-lined confirming the range on this pair.
Daniel.B
2 years ago
Update: P/A has formed a tweezer top on the daily chart. Which is a sign of rejection / bearish reversal to the bottom of the channel. Looking for an entry now on the lower TF chart at the Fibonacci resistance levels. Good luck =)
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Daniel.B
2 years ago
Never entered the trade since price never retraced up to where I would of preferred to enter, but since oil has broken out so has the CAD on all fronts. Here is the scenario people can look for to enter this trade, I'm not personally going to enter due to me already looking to enter Long on WTI Crude. But here's a chart showing in simple form the lower time frame and the retest of broken resistance turned new support that needs to happen for conservative traders to enter long, along with the 618 Fibonacci resistance as a potential overall price target for the trade, depending on how long you want to hold the trade for.
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