MaryJane
Short

New cyclical Low?

FX:CADJPY   Canadian Dollar/Japanese Yen
249 3 29
5 months ago
The Charts seems to me strong bearish .
It looks like the Pair will test the key Support at 79.5. Here i exspect a strong direction.
2 Szenarios are thinkable:
1. The Support will hold - here i exspect a corrective move to the shortterm breakoutlevel, the resistance at 82.25 (mangenta "3?") This will be a decision Point.
2. The Pair will drop through that Support Level. After a dip and a following retest of this Level at 79.5 (red "2") i exspect a further downwave to the longterm Trends bottom at 71. (possible red "2?")

In my Chart i have illustrated a possible shortposition. For me, the Chart only brightens with Prices > 88.75 (red "3")
5 months ago
Comment: Support defended
tmp9st
5 months ago
i think fundamental-wise, CADJPY is gna be bullish soon.
With BoJ not wanting a strong yen (which it is now) &
oil prices on the rise.
Reply
MaryJane tmp9st
5 months ago
yes, fundamental you are right sir!thx for your comment
Reply
I have the same Idea with a different plan, I expect it to pull back to the 80.83 area before going short with a target range 74.12 - 69.90
CADJPY Short. Weekly, Daily and 1hr T/F, Outlook Elliot Wave
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