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CADJPY Approaches First Target at 82.30

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On March 1st I discussed a CADJPY sell signal.

The pair was in the process of carving a bearish rejection candle following a retest of the 84.50 area as new resistance.

In truth, I pointed out this new resistance area back on February 25th.

The March 1st sell signal has performed exceptionally well so far this week. CADJPY is off Monday’s high by 140 pips with no signs of slowing.

However, the pair is fast approaching the first key support at 82.30.

You can see how this area served as a pivot of sorts between January 9th and February 8th. It also supported prices in June of last year.

But while the 82.30 area will likely attract a few buyers, I’m not anticipating a turnaround from here or even a significant bounce.

I could be wrong, but a move to the April 2017 and March 2018 lows at 80.55 seems to be the more likely outcome.

As always, it will be important to see how CADJPY reacts to 82.30 next week.

I managed a short entry at 85.06 on March 1st which I also announced inside the member’s area.

I’ve since added to the position following the close below short-term support on the 4th.

Keep in mind that Canada reports its employment situation on Friday at 8:30 am EST. The events are sure to trigger an increase in volatility around that time.

In summary, as long as 83.70 resistance is intact, CADJPY is 82.30 bound with a daily close below that exposing 80.55.

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CADJPY sell signal on the daily time frame

Leave a Comment:

23 comments
Yusuf Ahmad says

Thanks

Reply
    Justin Bennett says

    You’re welcome.

    Reply
NiZa says

Thank you so much.

Reply
    Justin Bennett says

    My pleasure. Let me know if you have questions.

    Reply
Bernard Reynolds says

I’d like to know how you came upon that entry at 85.06? I saw no PA Signal up there and it was obviously ‘before the Daily Bearish candle had formed.!?

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Adebayo saheed says

All eyes on CADJPY….thanks to justin

Reply
    Justin Bennett says

    Cheers. Have a great weekend.

    Reply
fawaz bamakrait says

I just love this guy for his simplicity ,i am learning so much from his technique .

Reply
    Justin Bennett says

    Good to know the simplicity translates through these commentaries. 🙂

    Reply
Emeh Matthew says

Thanks for the update. If only you can do this more often, I will forever remain grateful.

Reply
    Justin Bennett says

    You’re welcome. I think I do it quite often considering I’m a one-person show.

    Reply
esy1357 says

great

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Charl says

Took your advice and meeeehn im in profits..Thanks Sir Bennett

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cK says

Sharp & On-time Analysis.
Thank you Justin 🙏👍

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Moses Desmond Darko says

Thanks

Reply
    Justin Bennett says

    My pleasure, as always.

    Reply
bolex says

How so I join your WhatsApp group, I sent the word join to your number in vain . Would like to access your daily setups

Reply
    Justin Bennett says

    You follow the instructions above. 🙂

    Reply
James says

You did well calling out this trade but it seems to want to rally here IMO. It could not take out monthly low from February and has rallied today. Canadian dollar had some good news Friday. I’m long.

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    Justin Bennett says

    Perhaps. We’ll see.

    Reply
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