Cadjpyidea
CADJPYWe had a double top on the 4 hourly chart , after accumulation we expect price to continue to the sell side
CADJPY Top-Down AnalysisHello Traders,
Here is the Top-Down Analysis of CADJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Market is moving in a downward channel. Price faced rejection at resistance level of trend line creating double top and moved down.
W > Price dropped to test weekly support and faced rejection. This support also coincided with 0.786 Fib level on weekly bullish impulse.
D > We saw an over extended M formation and expected price to pull back to test the neck before continuing further to the downside. Price broke through the level to rise beyond 0.618 Fib level on last bearish impulse. Price reversed after facing rejection from daily supply zone. We observed two W formations, one got completed last week and we can set neck of second as our next target.
As per COT CAD saw addition of few Long but major Short positions reducing net positions. CXY was weak during the said period but it improved its position last week. JPY saw closure of Long and addition of major Short positions reducing net positions further however N-R added few Long and closed major Short positions. JXY during the said week ended in a Doji but improved its position last week.
4H > After completing first W formation price pulled up to create double top at resistance level and dropped to face rejection at support, facing rejection and creating a double bottom. Price is now testing demand zone and we expect rejection to the downside.
Pair Correlation > CADJPY has positive correlation with EURJPY, CHFJPY and GBPJPY and negative correlation with USDCAD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
SELL CADJPY!!! CADJPY has been on the bull run for the past 3 days. this may be the time that we can short this pair and close our longs in it.
It has strong resistance at this point. So, we will be taking a short if and only if prices close below this resistance level and follow the next day the downtrend.
So maybe tomorrow we will be taking the short for the target of 77.700 approx. It will be a short profit position because CADJPY is still bullish biased!!!
PS - If you have longs open then close it !!!!
FOLLOW US FOR MORE !!!!
CADJPY SELL OPPORTUNITY!!!!CADJPY has been gaining since the last three days and finally hit the resistance region of 76.600.
It's showing that there might be a corrective wave till 75.200 levels before any further upward momentum is gained again IF today prices remain and close below 76.289.
It's a great short opportunity if we wait for a confirmation today and will be going short if THIS PAIR CLOSE TODAY IN RED!!!
SL - 77.200
TP - 75.300
