Interesting looking breakout, into a retrace. We tapped the .5 level, and hovered around the .618 and .786.
I think we have a good chance of going long here.
AGAIN THIS IS JUST PRACTICE IN IDENTIFYING TRENDS. Not advice
JPYCAD is clearly still in early stages of its development and has just started an uptrend after hitting the bottom of the current trend/channel line.
You do not want to miss this huge buying opportunity. I have entered my longs and I went heavy on this one, you really cannot go wrong on this trade. Now if only every trade were this easy for me ...
on the jpy/cad weekly, I see price in a downtrend while retesting resistance zone several times which shows price isn't willing to break out and go strong.
Drew up ascending trendline to show the last impulse up before market decides to drop in rate. News also came out which has shown unemployment rate has dropped from 2.5 to 2.3 which indicates that interest...
on week 5 JPY was one of the weakest among pairs.
CAD was dominant
Therefore I expect bearish market and short.
Exhaustion candle = short
It was bull market then exhaustion candle = short
Jpy is at + 100 fib and Cad is at -100 fib on the m30 chart. It currently is close to breaking through the triple nesting point of m30 h1 and h4. If it continues long, it has clear sailing for a while. Be careful as this is a very strong resistance point and it could easily bounce or j hook on the fib 100 line. It is worth watching as this could be a 100+ winner...