Description: As shown above we have FX:CADJPY .Very similiar to my last post on FX:AUDJPY At the opening last
week i posted both pairs with a Outlook, projecting a possible 350 Pip move to the downside beyond Monthly Support. Correlating with
FX:AUDJPY there was an obvious point of caution at the Pivot/Top of where i was expecting a rejection at that level
with a setup to follow. I entered this pair covering entry however Bulls took control early on in the week.
This week i will be waiting for a retracement ideally to the at 83.750 - 84.000 if we find new there, Then i would await a setup to follow, Long
Targets being Weekly Resistance Last Swing High/Double Top , Monthly Resistance then to Upper TL of ascending wedge/ Extended Fib Targets.
last month ended with a candle & this week closed a Piercing Candle.
A break and close above Weekly Resistance would be Major as the monthly candle would likely see a rollover with a possibility of price trading towards 89.000.
Indicators: [50,200 ,RSI] On the Daily we are trading on the 50 below the 200, sitting just between Monthly & Weekly Resistance.On the Weekly we are sitting way below
both EMA's also still not in territory on yet. However on the Monthly we are Trading above the 200 , after a possible retracement if price holds above this
level after a few days of next weeks market this would be a good signal to go Long.
Duration: Long Term
Decision: I will go long on a retracement with price holding above Support 83.750
TP 1: 85.600
TP 2: 86.800
TP 3: 87.500
SL : 83.000
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading