BACK IN MAY 23, I POSTED ON CADJPY MOVING HIGHER AFTER THE DROP AND THE PAIR ROAMING AROUND THE WEEKLY SUPPORT. SINCE THEN CADJPY HAS HAD A NICE BULL RUN. NOW THE QUESTION IS, DOES IT BREATHE AND RETRACE OR CAN IT KEEP GOING HIGHER.
THE WEEKLY SHOWS THE PAIR MORE THAN LIKELY MOVING HIGHER TO ITS WEEKLY TREND LINE AT ABOUT THE 84.00 AREA, AS IT STILL HAS ROOM TO PLAY INSIDE THE WEEKLY RSI. DAILY SHOWS THE PAIR SITTING RIGHT ABOVE THE .618 FIB. 4HR CHART SHOWS THAT IT HASN'T MADE A CLEAR HL YET AND HAS HAD AN OVER EXTENDED RSI WHICH MAKES THINK THIS PAIR WILL RETRACE.
MY VIEW AND OPINION IS THAT THIS PAIR WILL RETRACE TO THE 79.40 - 79.20 AREA BEFORE MAKING A PUSH HIGHER.
LOOK FOR PRICE ACTION AND FUNDAMENTALS. GOOD LUCK TO ALL!
PLEASE GIVE A THUMBS UP IF YOU LIKE AND COMMENT YOUR IDEAS AND OPINIONS, THANK YOU!
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IF PRICE ACTION DOES NOT SHOW THE PAIR PUSHING LOWER FROM WHERE IT IS NOW, LOOK FOR LONG BASED ON PRICE ACTION ON 1HR TREND LINE WHICH SHOWS A VERY GOOD RISK/REWARD TRADE, GOOD LUCK TO ALL!!!