CAD/JPY: corrective structure in play?
Hi Traders!
Important Tops were reached in the short term and we cannot exclude the completion of the bullish cycle, having said this, it could be interesting to continue following the pair on the intraday chart, because something like a corrective structure seems to appear. As we showed on the 1H chart, if there is a deep pullback or if the bearish corrective structure is close to completion, the technical target still remains bullish, around 111.25. In conclusion, we can consider this phase as a consolidation of the ongoing bullish trend.
Trade with care
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Important Tops were reached in the short term and we cannot exclude the completion of the bullish cycle, having said this, it could be interesting to continue following the pair on the intraday chart, because something like a corrective structure seems to appear. As we showed on the 1H chart, if there is a deep pullback or if the bearish corrective structure is close to completion, the technical target still remains bullish, around 111.25. In conclusion, we can consider this phase as a consolidation of the ongoing bullish trend.
Trade with care
Like | Share | Comment
Note
🔴 Resistance Area....Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.