A few days ago CADJPY hit a confluence of resistance at 83.80.
It’s the intersection of ascending channel resistance and a horizontal level that served as support between August and December of last year.
Since Monday’s commentary, CADJPY is down 100 pips. It’s also currently testing the channel support I mentioned at 82.70.
It’s going to take a close below this level to extend this week’s losses.
The pair is also just 40 pips away from carving a bearish engulfing candle for the week. And with less than 48 hours to go, we’ll know the outcome soon enough.
Note that you can also watch for a 4-hour close below channel support. It may serve as an early warning sign of a future breakdown.
That said, a daily close below the 82.60/70 area would be much more convincing.
As for targets following a breakdown, I’d keep an eye on 80.55 followed by 78.70.
Alternatively, a bounce from 82.60/70 would keep the channel intact. It would also expose the 84.50 area.
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Thanks sir for reminding us
You’re welcome.
Sir, i wonder if the BOJ is happy about the rise of yen.
The yen rises and falls like any other currency regardless of what the BoJ thinks.
I think waiting for the brakeout before sell entry is the best. A big thank you for today’s webinar, it was awesome.👍
For those who sold on Monday, it could also be a time to add to their short position.
You’re welcome. Glad you enjoyed the webinar.
What webinar?
https://dailypriceaction.com/
Thanks,Jastin
You’re very welcome.
Thank you so much Mr.Justin Bennett for your details analysis on price moving data.. even not offenly I trade .. but your details explanation was very usefully for my knowledge which I received in my email… have a good day ahead… God Bless you..Thank you very much SIR.
My pleasure.
Ok Justin Twoja analiza eurcad przyniosła zysk,dziękuję.
Hello Justin. I have a concern regarding the Nikkei 225 (Japan Index). The outlook is bearish considering that it has broken out of the rising wedge support today (H4 chart), but the same chart pattern is similar to most, if not all JPY pairs. With that regard, aren’t all the JPY pairs supposed to be looking bullish (base currencies)? I’m confused and thanks in advance
If there is one thing I am learning from your page, it’s patience and the importance of analysing technical of the market. Thank you so much
You’re welcome. Patience is key.
thanks very much sir
Anytime, Derrick.
Great analysis
Thank you for your valuable insights. Much success ahead.
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