DanV
Short

CADJPY - COULD RESUME THE BEARISH CYCLE

FX_IDC:CADJPY   Canadian Dollar / Japanese Yen
In my previous chart (over 2 months ago) I suggested a long trade which materialised but from little lower lever;.

That long trade was a retracement of the previous strong decline which bottomed at 91.70 in Late January.

That low could be potentially larger Wave A low and we have almost completed a retracement in the for of abc zigzag . If correct then we are in final stage of wave "c" namely minor wave "v" of C.

Hence a short could be considered

Technicals:

1. Near completion of abc zizgzag retracement with wave v of c in final stage.
2. Wave a or abc zigzag = wave b just short of 38.2% retracement of previous decline (see daily chart below)
3. Potential RSI divergence could form.
4. Break of minor rising trend channel could confirm resumption of downtrend.

Downside target could be 91.70 low or new lower low.

As always, do your own analysis for your trade requirement. Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, constructive comments and sharing with others. If you have an alternative idea then please share for all to learn from.

Thank you for taking the time to read my analysis.

DanV
danv-charting.com
Your analysis is much more thorough then mine on CAD/JPY lolol. Very nice Dan, I like it! Watching the daily for a short entry signal preferably =D
Reply
DanV Daniel.B
Thanks for that compliment. There is significant downside potential so using daily to enter short is also very wise.

Possibly by using bearish candle configuration or breach of trendlines could work. Thanks again
+2 Reply
Daily chart referred to above just of reference CADJPY Daily
Reply
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