The trend on 
CADJPY seems to only be getting stronger on the 1H timeframe as we observe plenty of impulse moves to the upside. Although it could be argued that the market is overbought because of extreme RSI figures, buys are still a priority until a break of market structure to the downside is observed.
With that in mind, our main criteria for a potential long opportunity are:
1. If the market retraces into a fair value gap (Also commonly known as Imbalance)
2. If the market makes retraces into a fib level ( 50%/ 61,8% / 78,6%)
3. If the market displays a momentum shift that signals trend continuation. This is observed through price action at an area of interest.
Assuming that the yen index could continue bearish or avoid a range, then there is is great potential forCADJPY to break the 105.353 area, which is the latest weekly high.
CADJPY seems to only be getting stronger on the 1H timeframe as we observe plenty of impulse moves to the upside. Although it could be argued that the market is overbought because of extreme RSI figures, buys are still a priority until a break of market structure to the downside is observed. With that in mind, our main criteria for a potential long opportunity are:
1. If the market retraces into a fair value gap (Also commonly known as Imbalance)
2. If the market makes retraces into a fib level ( 50%/ 61,8% / 78,6%)
3. If the market displays a momentum shift that signals trend continuation. This is observed through price action at an area of interest.
Assuming that the yen index could continue bearish or avoid a range, then there is is great potential for
CADJPY to break the 105.353 area, which is the latest weekly high. 
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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.
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.