CADJPY Daily S/R| Swing High| Price Action| .382 Fibonacci

Evening Traders,

Today’s analysis – CADJP – trading above its Daily S/R where a back test on hold will be deemed bullish,

Points to consider,
- Price Action Impulsive
- Daily S/R Support
(.382 Fibonacci and POC confluence)
- Swing High Objective
- Low Volume

CADJPY’s immediate price action is impulsive, trading at a key trade location that is in technical confluence with the .382 Fibonacci and POC, allowing for a bullish bias.

The current objective is Swing high, taking this level out will increase the probability of a trend continuation.

The volume profile as of now is below average, an influx will be needed to sustain a Bullish Volatility Expansion.

Overall, in my opinion, CADJPY is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work

And remember,

“You never know what kind of setup market will present to you, your objective should be to find opportunity where risk reward ratio is best.”
― Jaymin Shah