CADJPY (Trade Idea)
CADJPY has hit strong structural resistance on bigger time frame as expected and gave up some ground to the upside last week. However, our bias is to the downside and we are looking at price as it is currently locked within bigger support and resistance box shown. Any 1 hour period price close below second support box shown over 4 hours should open up 81.515/81.292 cluster support. End of day price close or price action on all time frames at the end of any day below 81.515/81.292 cluster support will signal the start of the resumption of the bear market which started on the 09/01/2017 and will point to 77.319 as a strong possibility.
On the other hand, any 1 hour period price close above 83.218 over 4 hours will open up 83.691 as intra-day target. Also as stated previously further daily price close above 84.095 should open up 85.531. An additional push above 85.531/85.918 will completely invalidate our bearish view.
On the other hand, any 1 hour period price close above 83.218 over 4 hours will open up 83.691 as intra-day target. Also as stated previously further daily price close above 84.095 should open up 85.531. An additional push above 85.531/85.918 will completely invalidate our bearish view.
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