CADJPY - Not a currency I trade often, that's due it being a yen pair - USDJPY - I don't know what really moves that market sometimes it is yields, mergers etc. But this may differ for you, with the way you trade. However, by just looking at the technicals of CADJPY - being a cad pair it seems like a nice longer term trend will be brewing for the weeks & months ahead - Remember we are getting to the end of the yr. I will have my 2021 year ahead outlook coming out soon! Stay tuned...
Technical outlook CADJPY:
Even on the monthly - we are at a very key resistance zone area! Weekly resistance as well stands: 82.110 area is very key resistance if we breach above that the next resistance area is between 83.800 - 84.730 areas.
Support zones: 79.130 - 77.890
Pattern wise: Double bottom, measures to next resistance zone: 84.730 areas. (Or it could range and just form a wedge or triangle formation).
Until we've not broken the resistance zone of 82.100 areas there is no long trade idea, you could trade the retracement trade towards 50 EMA which measures a nice support areas of: 80.110.
If we break to the downside on the trendline up in yellow bears are in control and that would take us to support areas 0.23 fib area is a nice support zone.
When I did go to smaller time frames, like the 4HR - There was a beautiful channel - Which a break of that to downside or continue to go up could be a great trade idea for next week either direction it goes to.
Key tip: Go to the lower time frames, take advantage of the high conviction pull back or trend trade ideas you might be able to develop depending on your trade plan.
Have a great week ahead.
All the best,
Trade Journal (TJ)
Remember: Just a trade idea, not a recommendation
Technical outlook CADJPY:
Even on the monthly - we are at a very key resistance zone area! Weekly resistance as well stands: 82.110 area is very key resistance if we breach above that the next resistance area is between 83.800 - 84.730 areas.
Support zones: 79.130 - 77.890
Pattern wise: Double bottom, measures to next resistance zone: 84.730 areas. (Or it could range and just form a wedge or triangle formation).
Until we've not broken the resistance zone of 82.100 areas there is no long trade idea, you could trade the retracement trade towards 50 EMA which measures a nice support areas of: 80.110.
If we break to the downside on the trendline up in yellow bears are in control and that would take us to support areas 0.23 fib area is a nice support zone.
When I did go to smaller time frames, like the 4HR - There was a beautiful channel - Which a break of that to downside or continue to go up could be a great trade idea for next week either direction it goes to.
Key tip: Go to the lower time frames, take advantage of the high conviction pull back or trend trade ideas you might be able to develop depending on your trade plan.
Have a great week ahead.
All the best,
Trade Journal (TJ)
Remember: Just a trade idea, not a recommendation
Note
Been short since early this morning - Scaling out of the trade.Profit Take areas between 81.250 - 80.810.
Note
I did take the short scalping in and out, got one swing position in - there is a bearish formation formed: target area: 80.800 areas. 1hr.Trade active
Long since areas order at 80.200 Areas - 1/4 Off.Trade active
Still long, Until proven wrong by price.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.