CADJPY is approaching its resistance at 82.057 (0.618 Fibonacci retracement) where it could potentially reverse to its support at 80.540
EMA 21 & EMA 55 both crossed over signifying a move up.
A break in the black trend line leads us back to its support of 80.540
See previous analysis
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The CAD/JPY currency pair has been dominated by two channels. The junior descending channel pattern has confined the rate since early December. The Canadian Dollar has lost about 9.17% of its values against the Japanese Yen since the decline began.
The exchange rate is currently trading near the bottom border of the junior descending channel at 78.41.
If this ...
Short Term Elliott Wave view suggests that cycle from 11.8.2018 high (87) ended at 83.55 in red wave W and bounce to 85.27 ended red wave X. Pair has resumed lower in red wave Y, but it needs to break below red wave W at 83.55 for confirmation and to avoid double correction in red wave X. Internal of red wave W unfolded as a double three Elliott Wave structure ...
Hey everyone, there its two posible outcomes on CADJPY. 1- We broke the rising wedge and continue the down trend and hit our target. 2- We break outside the descending wedge (in blue) and move higher first.
CADJPY broken trendline and came back to retest it which gives us good opportunity for trend continuation A) entry now with around 90-100 pips stop loss or B) wait for the break of another support and pullback. Let's see how it's gonna look on sunday open.
1. Reassessment of this currency shows that short pressure is still strong.
2. Price is testing break of 4hr bear flag.
3. Rejection of resistance structure
4. Breakout of 4hr bear flag showing continued downward momentum
5. Price action is breaking out of the weekly bear flag as well.(Weekly bar has not closed out of weekly bear flag)
*High confluence of ...
1. Price action has broken out of bear flag (with strong volume) and retested previous support.
2. After which Price action broke down again at the 0.618 fibs and broke out of the weekly bear flag and is retesting the weekly bear flag trend line again.
3. Clear short and good probability trade, will be looking to add on size on this one.
CADJPY short-term Elliott wave view suggests that a bounce to 87.00 on 11/08/2018 high ended blue wave (X). Down from there, the decline unfolded as double three structure where black wave ((w)) ended at 85.44 low as zigzag structure. A bounce to 86.35 ended black wave ((x)). Then a decline to 84.61 low ended black wave ((y)) & completed the red wave W lower. ...
Great RRR on a potential (loose) Three Drives Formation on CADJPY. Trend-line hit on a Daily Support zone , potential Double Bottom . Lovely S&R within the lower channel of this traditional pitchfork. Look for the 127% Extension for an Maximum TP before the big drop.