Trend - Short Nature - Corrective phase Pattern - Descending channel Risk : Reward - 1:2 SL - 20 pips Descending channel is a reversal pattern suggesting a bullish move soon
Trading suggestion: . There is a possibility of temporary retracement to suggested support line (79.15). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . CADJPY is 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. ....
Price has been formed a hover inside an descending channel. Looking for LONG entries Keeping in mind there is always a possibility that the price can drop 1 more time to form a double bottom before going LONG.
Closing above .......mid line may push stock to upper resistance where we can short for down target and rejction below ...... mid line can push stock on down support where we can make buy position , what is your view
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...
Support & Resistance Rising Channel also Divergence in RSI very soon price will come down
Trading suggestion: . There is still a possibility of temporary retracement to suggested resistance line (77.05). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . CADJPY is in a range bound and the beginning of downtrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic...