Looking to see this pair have further downward continuation with the Japanese Yen seeing some strength across the board....and CADJPY finding itself in a descending channel on the larger timeframes. Trading below the MAs.
Looking for price action to play out as indicated in the drawing. If it does so then there is sell limit pending order to be placed, provided the market shows signs of respecting this channel.
Looking for the 161 extension after having completed a 61.8 retracement. Also in a downtrend continuation pattern having broken out of a wedge on the weekly timeframe.
Looking for a rally to the topside of the channel upon the breakout of the yellow box of consolidation. Confluence of trading above the MAs. Pending order placed above the zone. Will be scaling out at each resitance level met along the way up.
Seeing a breakout of the descending channel and now accumulating orders whilst maintaining above the MAs, and have retested the topside of the channel trendline. Buy stop order placed as waiting for break of most recent highs.
Forecasting at least another 150 pip move lower to test the boarder of the expanding wedge pattern drawn on the weekly TF. Also price has been rejected from the EMA20 (red) on the H1 timeframe. More downside for GBP across the board seems imminent, along with CHF showing strength across all pairs.
