CADJPY Downtrend Analysis: Bearish Momentum Continues
The 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!
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!
Ordre annulé
Update:
We have been observing the CADJPY closely, the price behaviour has indicated a potential Bullish move on the H1 Chart. After trading above the 109.05 on Wednesday, price has printed a potential Bullish abc corrective wave which will indicate more upside in the pair.
recommendation is to take a small profit and close the trade.
We can short again if the price breaks below 108.34.
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.