CADJPY LONG!
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CADJPY
Description: As shown above we haveCADJPY .
This pair is currently , Bearish, However , there is a high possibility we could have long Bias very soon. Reason being we have had 4 Declines down into Monthly Support Area Around 79.60 - 82.000 5 consecutive months in a row. Failing to close in that area this indicates we have very strong support combined with Distinctive wicks to the Low.
Monthly Chart is showing a series of Exhaustion/ Reversal Candles. The week we had a spinning Top close last week with price in an ascending trend line. Possible Bearflag to come. Last week we had price Rally up into weekly resistance 85.25 and failed to close above which gave us a short term decline ending the week with 2 Dojis. I now will look for a Bullish close for today , upon this we will likely see a break of weekly and monthly resistance During the week
Indicators: [EMA 200,50 / RSI] : 200 and 50 EMA currently above price with the 50 EMA acting as magnetic resistance since late 2015. Daily 200 Magnetic Resistance and have had a cross above the 50 on todays candle. with a bullish close this may become magnetic support.
CADJPYDescription: As shown above we have
CADJPY . This pair is currently , Bearish, However , there is a high possibility we could have long Bias very soon. Reason being we have had 4 Declines down into Monthly Support Area Around 79.60 - 82.000 5 consecutive months in a row. Failing to close in that area this indicates we have very strong support combined with Distinctive wicks to the Low.
Monthly Chart is showing a series of Exhaustion/ Reversal Candles. The week we had a spinning Top close last week with price in an ascending trend line. Possible Bearflag to come. Last week we had price Rally up into weekly resistance 85.25 and failed to close above which gave us a short term decline ending the week with 2 Dojis. I now will look for a Bullish close for today , upon this we will likely see a break of weekly and monthly resistance During the week
Indicators: [EMA 200,50 / RSI] : 200 and 50 EMA currently above price with the 50 EMA acting as magnetic resistance since late 2015. Daily 200 Magnetic Resistance and have had a cross above the 50 on todays candle. with a bullish close this may become magnetic support.
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