CADJPY Where Too Next??? SELL Next Week ??The YEN cross pairs have been taking some beating this year and likely there may be more to come but llooking across all the pairs and also looking at the yen futures chart there should be a relief rally for the next week before the BOJ policy meeting at the end of the month which I am sure will be closely watched.
Today I'm sharing the trade idea on the CADJPY for next if you look on the chart week we broke to new 14 year highs on the pair taking out the 2008 HIGH and then on Friday we had a daily close back under this level with a SELL signal on my price action indicator which is highly accurate at key levels so next week I see a move back down to the previous HIGH at 107.5 that was taken out this week if we mmanage to get a DAILY close under the 107.5 level a deeper corrrection down towards 105 area is likely which is was a newly formed WEEKLY DEMAND/SELL zone that became valid this week after the NEW high was printed.
I still expect the market to target the MONTHLY SUPPLY/SELL from 2007 in the long term after it corrects down so which closely watch for BUY signals after the correction especially around 107.5 and below.
The idea is to SELL on the open this week to target the 107.5 previous HIGH or below with a stop loss above the 2008 HIGH
