Pair : CADJPY ( Canadian Dollar / Japanese Yen )
Completed Corrective Waves " ABCDE " after Impulse. Rising Wedge as an Corrective Pattern in Short Time Frame and Long Time Frame , It is Rejecting from the UTL in Long Time and If it Breaks the Lower Trend Line in Short and Retrace then Sell
CADJPY BUYS in play.
1. Potential Bullish Trend.
2. CAD is strong meanwhile JPY is weak.
3. Short term sellers pressure.
We are looking to go Long on this pair, As the price is heading towards the support and resistance zone. We will look for confirmations on the lower time frames.
We were bearish up until this week friday, though JPY showed massive rejection and failed to take control of the price, which indicates prices are expected to rise and stay bullish for now.
Let's wait for the market to show the move!!
As we all know that the economic condition of Japan is not fine, and they are also facing natural disasters. I still believe that Yen will remain weak in coming week. Better to look buying opportunities on such pairs which have YEN.
Price has broken a major high on the 1 hour. Then price made a new high which was our indication that price can go higher. Ater a new high is made we know that a pullback is needed which can either make a new low or make a higher low. In this case we have a higher low which means that we can expect a return to our new high. Seeing that the bulls are in control of...
As I study the economy of Japan, its economy is strong, but they did not increase their interest rate. So in this situation, I think Yen will remain weak. Better to look buying opportunity on this pair.
cadjpy (one of my beloved minor quotes) is in accumulation phase. I'm ready to take action as soon as cadjpy reaches to one of mu support/demand zones.
I will enter one third of my position when price touch the box and the rest of it in the middle of the box. My TP would be R/R=3 and 5.
Please trade with your own money management methodology and be...