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CADJPY trade ideas

CAD/JPY breaks trend lineAlong with other yen crosses, the CAD/JPY has been printing bearish price action this week amid rising expectations that the BoJ will tighten its belt next week. The narrowing of yield differential between Japan and those of the rest of the world have helped to put some downward pressure on the al JPY pairs. Having broken the 108.55-108.90 support area (shaded in red), this area may now turn into resistance upon re-test from below. The next level of support is seen around 107.50/60 area, followed by the longer-term bullish trend line. Should this trend line also break down then we could see an accelerated move lower in the coming days. By Fawad Razaqzada, market analyst with FOREX.com
Short
by FOREXcom
CADJPY Will Go Lower! Sell! Take a look at our analysis for CADJPY. Time Frame: 1D Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is trading around a solid horizontal structure 108.412. The above observations make me that the market will inevitably achieve 106.334 level. P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought. Like and subscribe and comment my ideas if you enjoy them!
Short
by SignalProvider
1
CAD/JPY Sell AnalysisCAD/JPY is exhibiting bearish momentum after breaking below the ascending channel. This breakdown signals a potential shift in market sentiment, with sellers gaining control. The price is currently trading below the channel's lower trendline, confirming bearish pressure. The next significant target lies around the 106.00 support level, which aligns with a previous demand zone. A retest of the broken trendline near 108.00 could occur before the downtrend resumes, providing a better entry for sellers. Traders must exercise caution and set their stop-loss levels according to their risk management to protect against unexpected reversals. The bearish outlook remains valid as long as the price stays below the broken channel. 📉
Short
by Charts_M7M
CAD/JPY Rising Channel Breakdown Looms Bears in Play !Rising Channel Formation The price is trading within a rising channel, indicating a potential bullish continuation or a reversal depending on how the price reacts near the channel's boundaries. The upper boundary of the channel acted as resistance, where a rejection occurred, leading to a short setup. Golden Pocket Zone Around the 108.660–108.491 level, a "Golden Pocket Zone" is marked, indicating an area of potential caution due to increased market indecision. This zone aligns with Fibonacci retracement levels or historical pivot points. Support Levels A Good Trading Zone is identified between 107.248–106.780, which represents a potential support area for price reversal or consolidation. Wicks Pivotal Point near 105.851–105.817 serves as a critical demand zone where significant buying interest might reemerge. Short Position Setup Entry Signal: A Sell signal was triggered near the channel's resistance line, supported by a failure to break higher. The price also exhibited a rejection at a critical resistance level within the Golden Pocket Zone. Profit Levels The Peak Profit 0.22% label indicates a modest gain so far, suggesting a potential continuation if the price breaks below the channel support. A prior Peak Profit 2.96% was achieved on a similar short setup from a lower level, confirming the bearish potential within the structure. Target Levels First target: 107.248, aligning with the Good Trading Zone. Second target: 106.780, which is the bottom of the Trading Zone. Extended target: 105.851, Wicks Pivotal Point, for a more aggressive short. Stop-Loss Placement A stop-loss should be positioned above the Golden Pocket Zone (around 109.000) to protect against false breakouts or unexpected bullish momentum. Technical Patterns and Indicators Rejection Candlesticks The price formed bearish rejection candles near the channel's upper boundary and the Golden Pocket Zone, indicating strong selling pressure. Trendline Confluence The lower boundary of the channel intersects with the 107.248 level, adding confluence for a possible bounce or further breakdown. Momentum Analysis The price appears to lose upward momentum after several failed attempts to make a higher high, suggesting sellers are gaining control. This short position aligns with the current market structure, leveraging resistance levels, a rejection from the upper trendline, and bearish momentum. However, traders should exercise caution near the identified support zones and adjust stop-loss levels based on intraday volatility. A clear break below the Good Trading Zone could open the door to extended downside potential toward the Wicks Pivotal Point.
Short
by wolfchemist
CAD/JPY we reached a very strong resistance!Hi guys, I am going with CAD/JPY which I can observe has reached a very strong resistance level so far which it is having trouble breaching out. Additionally we got the news that the Canadian Prime Minister - Justin Trudeau has filed for resignation would bring some weakeness to the CAD Entry: 109.600 Target: 108.600 As always my friends happy trading! P.S. If you have questions or inquiries about one of my existing set-ups or personal questions / 1 on 1 sessions consider joining my community so you can follow up with me in private!
Short
by DG55Capital