TradingShot

CADJPY Buy Signal with structured targets

Long
FX_IDC:CADJPY   Canadian Dollar / Japanese Yen
CADJPY has been trading on a Fibonacci Channel ever since the March 2020 COVID fueled market bottom. The bullish trend that followed has been gradually making Higher Highs on the next Fibonacci extension. Currently the last two Highs have been on the Fib 2.0 extension.

The Support Zone of this pattern is constructed by the 1D MA200 (orange trend-line) and the 1W MA50 (red trend-line). Most recently the pair hit that zone on December 20 and rebounded immediately. The sequence is very similar in terms of CCI with the the price action from May to September 2021. If it continues to be replicated that way, we should be expecting a strong rally soon. Follow a structured target set: first the 1.5 Fibonacci extension and if that breaks, then the 2.0.




--------------------------------------------------------------------------------------------------------

** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

--------------------------------------------------------------------------------------------------------

👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)

💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot

🔥New service: next X100 crypto GEMS!
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.