CADJPY - appears to be such pair that might have completed the retracement and could be in very early stage of resumption of the down trend and potentially offer very good short entry that could turn into significant long term short and possibly very strong dynamic as it could be wave C decline from Dec 2015 high
Here is the Technical summary
(A) From Monthly chart (see chart below) we note that:
1. It topped in Dec 2017 at 125 area we had noticeable sell of creating a low in Jan 2009 at 68.5 in a decline.
2. It has been retracing since and in Dec 2014 completed 66.67% (2/3rd) which is a retracement level.
3. Hit the resistance at of the rising .
4. Then made initial drop again that has been retraced to just over 61.8%.
(B) In addition to Monthly we note the following from Daily chart:
1. The retracement of the Feb low at 91.70 area has been a and has retrace 61.8% of the prior decline.
2. second leg of the could be potential which would suggest move the upside is complete or very close to completion
2. Clear price divergence with both and which has cross over.
This setup could potential offer very profitable trade with stop just above the recent high and entry could be located using 4Hr time frame or say break below 98 as conservative entry.
Downside targets could be:
Target 1 = 85 (previous resistance that could become potential support)
Target 2 = 68 (Previous structure low of Dec 2009 )
Target 3 = 52 to 50 being 127.2% extension of the move from 125.40 to 68.32
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
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have been in this for a while, and while my patience has been tested (jumped the gun a bit early...), today it finally seems we are heading in the right direction.
last 4hr candles are looking good, with quite a clear break and hold below the 50 & 100 Ma's.
So will be keen to follow this and could offer multiple exists and entries along the way. Enjoy the run.