CADJPY is approaching our first resistance at 81.98 (Horizontal swing high resistance, 61.8%, 78.6% Fibonacci retracement, 100%, 61.8% fiboancci extension, Descending channel's resistance) and a strong drop might occur below this level pushing price down to our major support at 81.59 (61.8% Fibonacci retracement).
Stochastic (55,5,3) is also approaching ...
CAD/JPY rejected the trendline and support levels (indicated in chart). It is currently in a corrective wave/pattern. It looks like we are currently in wave 2, expecting to see Wave 3 begin soon.
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Can buy if price retrace to right shoulder area. or catch the retracement after the sideway bullish breakout for trend continuation.
Price is likely to test 84.000 first. If the trend is strong, price will then retest 88.000
TAYOR
Price rejected at Descending resistance.
One Hour chart and Stochastic overbought.
Place Stop loss and Take Profit accordingly.
Good number of pips to profit from.
"Small for now, Big over time".
CADJPY is testing its resistance at 82.26 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap resistance) where it could potentially reverse down to its support at 79.36 (61.8% Fibonacci extension , 61.8% Fibonacci retracement , Horizontal swing low support).
Stochastic (55, 5, 3) is testing its resistance at 99% where a potential ...
For the third year in a row I have witnessed what eventually leads to USD reversing and accelerate in a likely already existing downtrend. It is remarkable how cause and effect are here at play, because it starts with a slow descent of USD as investors moving from USD to safe havens like JPY, CHF and Gold.
Due to tight correlations JPY and CAD are dragged down ...
Hello Traders!
We have a weak CAD on our hand here in the hourly chart! As you can see we have retraced up to the sellers resistance! and had a nice pull back to set us of for the sell! with divergance giving us an indication of a swing in the market! also the retrace hitting 0.5 we will see a downtrend.
Please support this analysis with your likes, follows, ...
The Canadian Dollar vs. the Japanese Yen. When a trader is unsure about trading the US Dollar, the CADJPY is often determined to be a suitable replacement. However, the historically higher yield of the Canadian dollar in the past has made the CADJPY more sensitive to market wide sentiment changes than the USDJPY. Also, Canada’s large amount of energy exports, most notable oil, causes it to be affected by crude oil prices.
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