CADJPY Daily S/R| Swing High| Price Action| .382 Fibonacci Evening Traders,
Today’s analysis – CADJP – trading above its Daily S/R where a back test on hold will be deemed bullish,
Points to consider,
- Price Action Impulsive
- Daily S/R Support
(.382 Fibonacci and POC confluence)
- Swing High Objective
- Low Volume
CADJPY’s immediate price action is impulsive, trading at a key trade location that is in technical confluence with the .382 Fibonacci and POC, allowing for a bullish bias.
The current objective is Swing high, taking this level out will increase the probability of a trend continuation.
The volume profile as of now is below average, an influx will be needed to sustain a Bullish Volatility Expansion.
Overall, in my opinion, CADJPY is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
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And remember,
“You never know what kind of setup market will present to you, your objective should be to find opportunity where risk reward ratio is best.”
― Jaymin Shah
