easier to see on 4hr charts and I'm not sure how important this level is, but price is trying to rebound. dabbling with small long here
Must expect further drops to the descending yellow trend line as well as fib levels. 120s in this pair possible.
I'm intrigued by the USD/CAD in risk off environments. When SHTF, this pair can get rolling. I wonder if this week's consolidation will continue for a few more weeks or suddenly ramp to the mid 1.40s and beyond.
you know what market movers do. they suck you in at resistance and keep it there and wait for the boat to fill up with shorts. then, boom! blast off! I'm betting we'll clear the yellow trend line (higher) and continue to the 100s this year.
these trend lines are better viewed in weekly and daily views. still keeping my target for the descending trend line above.
to 1.0920. since this week's gap up, its been 120+ pips in almost a straight line. retracement, pick a fib, quick its already going.
price hit the top BB on the weekly chart. targeting the mid BB line on 4hr chart now
resistance blocking for now. japan debt/gdp is my big fundamental reason for being short jpy. follow the fibs to 137+
4hr time frame minimum. If this is going to continue into 1.40s 50s and maybe 1.60, short time frame entice shorts.