CADJPY, Bears are Expected..!As salam alaikum
T.A Review:
Bullish Channel
Consolidating since last Month
Another Falling Wedge
Holding Rejection zone i.e 82
Strong chances of pullback.
F.A Review:
Dollar strengthens and Covid can't be ignored.
FED decisions, NFP,ISM and PMI are on the way
as well. Market will be highly manipulative this
month.
Cadjpysetup
cadjpyWhile CAD/JPY rates are still hovering below resistance that is constraining a breakout.it’s too soon to say that the CAD/JPY bullish breakout attempt has been denied. It remains true that clearing 81.58 and 81.91 would be strong indications that CAD/JPY rates were embarking on an earnest bullish breakout attempt… CAD/JPY rates are starting to regain bullish momentum.While the CAD/JPY chart suggests more patience is required, traders should be on alert for another attempt at parallel channel resistance in the 81.58 to 81.91 zone in the next week or two.
CadJpy- A new retest of 78?After a drop to 78 support, CadJpy recovered some losses but couldn't break above the important 80 resistance.
With OIL on a descending channel and strongly offered around 39, I expect CadJpy to follow and 78 could be the first target for bears
I'm looking to sell rallies for this pair and a daily close above 80 would invalidate this scenario