Like a few of the pair's CADJPY has come off a D1 low with bullish divergence.
H1 we have a nice impulse up and I see the possibility of either a running or expanding flat in the B wave. I would like to see the expanding flat so I can get much better RR and buy entry, let's see if it play's nicely.
Experienced trader's can take the sell scalp internal C down if ...
Analysis
-CADJPY showing signs of reversal after buyers pushed price up into resistance where sellers stepped in and pushed price down before the 4H candle close.
-This price action resulted in a 4H doji setup AT RESISTANCE which is a bearish sign. If price breaks the lows of the doji, sellers may push price down further.
-There is also RSI divergence on the 15 ...
Hello Traders!
We are on the the 4 hour chart here. We have made a triple top.. tempting us to look for the breakthrough. We had a strong push up to what the sellers thought they would be back on for the downtrend! we can now see we are sitting above the previous LL on the downtrend. Creating the perfect opportunity to buy!
Please support this analysis with your ...
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 ...
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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
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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