Hello dear traders.
My view on cad jpy for the coming week is that it will buy at the retest level of the grey color - 4 H area of resistance which is being checked as support.The overall weekly trend is bullish. On 19 of October important CAD news will be releashed with positive forecast. If the forecast is met, the scenario will take place easily. JPY is under bearish bias for a long time and negative Trade of Balance and Inflation Rate for Japan will put buying pressure on this pair if continue to depreceate the Yen.
However, we must take into account that we are approaching daily supply zone. This supply zone is my target with different layered Take profit levels on the way to it.
I have pointed out the 4H 0.382 Fib level retracement (two blue lines) indicating a deeper retracment which is good for entry too.
This scenario will be invalid in case of support level of 104.7 plus the violation of ascending trendline, which will indicate for me a short momentum.
For now, it seems early to enter any sell, ' cause I see the bigger picture as a potential buy - still margin for the price to buy back up.
Waiting for your analysis on comments.
Good luck!
My view on cad jpy for the coming week is that it will buy at the retest level of the grey color - 4 H area of resistance which is being checked as support.The overall weekly trend is bullish. On 19 of October important CAD news will be releashed with positive forecast. If the forecast is met, the scenario will take place easily. JPY is under bearish bias for a long time and negative Trade of Balance and Inflation Rate for Japan will put buying pressure on this pair if continue to depreceate the Yen.
However, we must take into account that we are approaching daily supply zone. This supply zone is my target with different layered Take profit levels on the way to it.
I have pointed out the 4H 0.382 Fib level retracement (two blue lines) indicating a deeper retracment which is good for entry too.
This scenario will be invalid in case of support level of 104.7 plus the violation of ascending trendline, which will indicate for me a short momentum.
For now, it seems early to enter any sell, ' cause I see the bigger picture as a potential buy - still margin for the price to buy back up.
Waiting for your analysis on comments.
Good luck!
Trade closed: target reached:
First Entry plus Second Entry levels have provided almost 300 pips in profit!
Trade closed: target reached:
Both trades closed at 108.8 with over 500 pips in profit based on both entries.
Trade active:
Sell initiated from the supply zone giving huge bearish pressure and giving
300 pips in profit
300 pips in profit