CADJPY trade ideas
long term analysis for cadjpyi'm expecting short position from the structure of weekly timeframe.........
CAD/JPY intraday BUYOur pivot point stands at 82.76.
Our preference:
as long as 82.76 is support look for 83.38.
Alternative scenario:
below 82.76, expect 82.55 and 82.42.
Comment:
the RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is above its 20 and 50 MAs (respectively at 82.95 and 82.89).
CAD/JPY intraday BUYOur pivot point stands at 82.61.
Our preference:
rise to 82.61.
Alternative scenario:
below 82.61, expect 82.40 and 82.27.
Comment:
the RSI is below its neutrality area at 50. The MACD is positive and above its signal line. The break above the 50 areas on the RSI would call for further upside. Moreover, the pair is trading under its 20 MA (82.82) but above its 50 MA (82.80).
CAD/JPY SELL intradayOur pivot point is at 83.03.
Our preference:
the downside prevails as long as 83.03 is resistance.
Alternative scenario:
above 83.03, look for 83.24 and 83.37.
Comment:
the RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the pair stands below its 20 and 50 MAs (respectively at 82.90 and 82.95).
Don't miss the great buy opportunity in CADJPYTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (82.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. CADJPY in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 80.
Take Profits:
TP1= @ 83.50
TP2= @ 83.90
TP3= @ 84.55
SL= Break below S2
CAD/JPY analysisThis pair is in range bound movement.
For the past few days, it's attempt to break the resistance but failed.
Hence, we expect the pair to be bearish from here.
