MarlyForex
Long

CADJPY - BULLISH OUTLOOK POSSIBLE LONG AFTER RETRACEMENT!!

FX:CADJPY   Canadian Dollar/Japanese Yen
145 0 16
Display: FX:CADJPY            

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 Bearish 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 Ascending Triangle where i was expecting a rejection at that level
with a Bearish 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 Pivot at 83.750 - 84.000 if we find new structure support there, Then i would await a Bullish 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 Bullish engulfing candle & this week closed a Bullish 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 EMA ,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 Bullish territory on RSI yet. However on the Monthly we are Trading above the 200 EMA , 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

Trade Setup:
Entry: 84.150
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
Trade closed: target reached: TP 1 I'm expecting price to retests Weekly Resis/new support i will then re analyse
Trade closed: target reached: TP 2 REACHED
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