CADJPY 30min Analysis February 11th, 2021
Price has rejected off our supply zone but is still forming bullish structure.
Trade Scenario 1: Bullish - For us to go long we want to see price find support on our supporting trendline. We will look to enter long on strong bullish setups off our trend line. First targeting our supply zone of 82.650.
Trade Scenario 2: Bearish - For us to go short we need to see price break below 82.400. We will then wait for a retrace and for 82.400 to flip as resistance. Enter on strong bearish setups.
Trade Scenario 1: Bullish - For us to go long we want to see price find support on our supporting trendline. We will look to enter long on strong bullish setups off our trend line. First targeting our supply zone of 82.650.
Trade Scenario 2: Bearish - For us to go short we need to see price break below 82.400. We will then wait for a retrace and for 82.400 to flip as resistance. Enter on strong bearish setups.
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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.