hello Traders - CADJPY coming into a big Supply/resistance area in the 1.05-1.580 range while approaching the top of a daily channel
Trend is up but we could see a meaningful correction/reversal-
Risk/Reward looks good to me
CADJPY 4 Hour Analysis (7 Jun 2023)
1. Price is with important Fib Levels
2. We can observe some Long divergence
in AO and MACD
3. If price breaks KL1, we need to think bullish
4. If price breaks 0.236 Fib kevel, we
can expect bearish
CADJPY Trading Ideas
1. Price has a strong Bearish momentum
2. Price is in strong supply area
3. We can see divergence with MACD
4. It is pointing a bearish trade
but for confirmation we can wait for
Bearish KL to break
An update on the previous analysis done on this pair. The price has broken bullish structure. Currently a head and shoulders pattern has formed to confirm further bearish move. The next step is to break the neckline (which is currently holding strongly) and a retest for sell signals....Lets see how it goes!
Consolidating market approached the resistance zone with signs of exhaustion. Currently a bullish structure signaled by a bullish trendline has been broken. I would like to see a retest of this trendline but we might not get it.
Proposed CADJPY 4 Hour
1. We have a strong Supply zone created
at day level
2. RBR already formed
3. on the basis of this, we can have two paths
Path 1: Yellow - From Base2 to Base1 then to Supply.
Path 2: Blue - From Base2 to Supply then to Base1
4. MACD Traditional Bearish cross
So, we have to wait.
