Tom Hall Market Review #7 - Sunday, 24 March 2019
Canadian Dollar / Japanese Yen
Weekly Timeframe -
The Weekly timeframe developed a high-test reversal candle on the 25, February 2019 rejecting the 84.40 horizontal structure resistance, 50EMA and 61.80% Fibonacci retracement.
There's certainly an argument to enter the market once a high-test reversal candle...
Simple sell setup as price has broken the neckline of the daily head on shoulders pattern. Will watch for price to test the neckline as new resistance too add positions as price is showing alot of downside momentum..
CJ has broken a major support level at 82.50 and closed Friday with a massive bearish candle showing an influx of sellers entering the market. Oil rejected $60/ barrel weighing down the CAD while the JPY had one of the strongest performing weeks in a long time. We've now set a new trend-changing Lower Low breaking structure, price action is below both moving...
1.Waiting for the following trend line to try to buy
2.Sell the trend line combination level
Good luck , support you like, please leave your ideas below.
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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