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JAPANESE YEN / CANADIAN DOLLAR

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JPYCAD trade ideas

CADJPY Head and Shoulders?Not the most obvious and clear pattern here. But it does look like we might be seeing a head and shoulders most visible on the weekly chart. Price has hit a strong resistance zone around 110.60 and has been ranging between that area and 104.60. It is a nice enough range to build a position into looking for a short and a possible break of the neckline (which I would consider with a weekly close below the trend line of the right shoulder). I know this one is not that clean and clear, but hey, they can't all be and trading is about reading Price Action and accepting the risk of you put on your position. In what I call my 1 to 10 "edge scale" (simply put, my degree of conviction about a trade, with 10 being that impossible number on probabilities, would mean that I am 100% sure, never happens!) this one would be a a 4 or 5 for now. Let's see how it moves and what patterns it shapes.
by Taguspt
Bearish drop?CAD/JPY has reacted off the pivot and could drop to the 1st support. Pivot: 108.81 1st Support: 107.43 1st Resistance: 109.55 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Short
by ICmarkets
CADJPY Downtrend Analysis: Bearish Momentum ContinuesThe CADJPY remains in a strong downtrend after completing its first wave structure to the downside. The corrective wave offered no signs of a trend reversal, confirming the sellers’ dominance. Yesterday, during the Tokyo session, a new bearish wave structure began, breaking below the first wave's momentum low. Wave 2 formed as a correction to Wave 1, creating an opportunity to look for short trades below 108.614. A break below 107.65 (momentum low) is expected, with a Fibonacci target of 61.8% as a likely end for the current wave. Key levels to watch: Entry: Below 108.614 Target: 107.65 and Fibonacci 61.8% level Stop Loss: Above 109.05 Selling above 109.05 is not recommended. Like, comment, and share your thoughts. Happy trading!
Short
by Charts247TradingAcademy
5
CAD/JPYThe pattern consists of four key price swings (X-A, A-B, B-C, C-D), forming an "M" shape. The bearish butterfly is typically observed at the end of an uptrend and signals a potential reversal to the downside. X to A: The initial leg is an upward price move. A to B: A retracement of the X-A leg, typically around 78.6% of the X-A move. B to C: A corrective move higher, often retracing 38.2% to 88.6% of the A-B leg. C to D: The final leg extends beyond the initial X-A move, completing at 127.2% or 161.8% Fibonacci extension of the X-A leg.
Long
by B9A-88652-NisarAhmad