Still in Bullish Cycle - Buy Dips

FX:CADJPY   Canadian Dollar / Japanese Yen
CADJPY             appears to be correcting in what looks like a possible bearish flag pattern on the larger TF's.

However we have not seen any signs of reversal as of yet, the pair has not made a lower low, The current wave count in the pair is calling for one more high towards the 95 area - as long as the previous wave (X) is not breached at 90.53, making this a low risk area to try a long position from the 90.80/91.00 Levels.
Monthly had a H&S and in November has broken and retested the neckline and 50 ema. Weekly is showing high tests and daily is showing a triple top on 93.00. The fact the 4h chart here shows it cant make a higher high in November and made a lower high in December told me the Monthly and weekly charts have been confirmed. Im short for now and expect price to fall to 80.00 over the coming months.

Also USOIL has tested a H&S pattern and i wouldnt be surprised if we see it go lower than this years lows.
+1 Reply
JigneshDavda simonhook4
Thanks for that. I see the H&S on the monthly. As well as the H&S in USOIL. I've been targetting mid 20's in oil for a while now. Was just expecting oil and CAD to pull back a bit for the past few weeks. Based on those H&S patterns, the pull back has likely already happened. Appreciate the heads up.
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