CADJPY: Anticipating a Bullish BreakoutCADJPY has been observed to be in a bullish trend that was initiated on the 24th of March. From the technical analysis, it appears that the pair has completed wave 1 and 3 of the impulsive move, with wave 3 delivering a considerable 280 pips gain. The wave 3 appears to have peaked on April 4th at 99.185, and since then, we have seen a decline in price, indicating the onset of corrective wave 4.
My current analysis reveals that the pair is presently in corrective wave 4, which appears to be characterized by a contracting triangle pattern. Based on this observed pattern, I'm anticipating an upward breakout to complete the wave 5 of the impulsive move.
Consequently, my ultimate price objective for CADJPY is 99.858 , with a medium-term target set at 99.432 . It is essential to note that any price decline below 95.505 will render this forecast invalid.
Cadjpylong
CADJPY Bullish LongThe CADJPY long bullish idea is supported by two key technical indicators: DOW breakout and bullish divergence.
DOW Breakout: The CADJPY currency pair has experienced a breakout based on the DOW theory, which suggests that price movements in one market can influence price movements in another market. A breakout in the DOW can potentially impact the CADJPY pair, indicating a shift in momentum in favor of the bulls.
Bullish Divergence: In addition to the DOW breakout, there is a presence of bullish divergence in the price action. This occurs when the price makes lower lows, but the corresponding indicator (such as RSI or MACD) makes higher lows. It indicates that the selling pressure is weakening, and a bullish reversal might be on the horizon.
Combining these two technical signals, traders might consider taking a long position on the CADJPY currency pair, anticipating further upward movement in the exchange rate. However, it is essential to perform further analysis and risk management before executing any trades. Traders should also be aware of potential risks, such as unforeseen market events or changes in economic fundamentals that could impact the currency pair's direction. As with any trading idea, it is crucial to consider your own trading strategy and risk tolerance before making any decisions.
CADJPY - Long from bullish order block ✅Hello traders!
‼️ This is my perspective on CADJPY.
Technical analysis: Here we are in a bullish market structure based on higher timeframe, so I am looking for longs. My point of interest is if price makes a retracement to fill the imbalance lower and then rejects from bullish order block.
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CADJPY LONG TERM TRADING IDEAHello Traders
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CADJPY - Short after filling the imbalance ✅Hello traders!
‼️ This is my perspective on CADJPY.
Technical analysis: Here we are in a bearish market structure from 4H timeframe perspective, so I am looking for short position. I want price to continue the retracement to fill the imbalance higher and then to reject from bearish order block
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TARGET CAD/JPY Reached at 106.00 - What's next?Ascending Triangle formed on CAD/JPY, price broke out and it was a slow consolidation move.
But then one week, we had strong buying and demand for the currency pair which shot it up to the Order Block.
We had other indicators confirming its upside including:
7>21
Price<200
RSI>50
The target at 106.00 hit and the price continued to move up.
I guess it's a market environment for trend and channel traders right now. And until there is a sideways consolidation, I'll wait for the next setup.
CADJPY LONGSimilar to GBPJPY, the outlook is a bullish correction in the short term targeting the 108 price handle. On the daily timeframe, we have a confirmed change of character that shifted the market from bullish to bearish. Once the bullish correction hits our point of interest, we will look for long-term sell orders.
CADJPY - Expect retracement ✅Hello traders!
‼️ This is my perspective on CADJPY.
Technical analysis: Here we are in a bullish market structure from 4H timeframe perspective, so I am looking for longs. I expect price to continue the retracement and then to reject from bullish order block + institutional big figure 103.000.
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USDJPY and CADJPY Top-down analysis Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.