CADJPY reached the MA50 (1d) for the first time since May 4th.
The pattern is a Channel Up and this correction since its top, still has room to go before bottoming.
Trading Plan:
1. Sell on the current market price.
2. Buy at the bottom of the Channel Up and above the MA100 (1d) at 102.550.
3. Sell if the MA200 (1d) breaks.
Targets:
1. 102.550 (bottom of the Channel Up and near the MA100 1d).
2. 109.500 (Resistance 1).
3. 98.000 (Support 2 and near the 0.786 Fibonacci level).
Tips:
1. The RSI (1d) is headed for the 30.00 oversold level. A rebound near it can match conveniently with a bottom on the Channel Up, hence a buy opportunity.
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The pattern is a Channel Up and this correction since its top, still has room to go before bottoming.
Trading Plan:
1. Sell on the current market price.
2. Buy at the bottom of the Channel Up and above the MA100 (1d) at 102.550.
3. Sell if the MA200 (1d) breaks.
Targets:
1. 102.550 (bottom of the Channel Up and near the MA100 1d).
2. 109.500 (Resistance 1).
3. 98.000 (Support 2 and near the 0.786 Fibonacci level).
Tips:
1. The RSI (1d) is headed for the 30.00 oversold level. A rebound near it can match conveniently with a bottom on the Channel Up, hence a buy opportunity.
Please like, follow and comment!!
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Disclaimer
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Join our private Telegram signals channel, with +70% accuracy for forex and crypto! 🎉
Also doing account management, earn +15% monthly profit!
👉CONTACT: t.me/tradingbrokersview
Stop gambling with your trades! 🎰
Start being profitable! 💰
Also doing account management, earn +15% monthly profit!
👉CONTACT: t.me/tradingbrokersview
Stop gambling with your trades! 🎰
Start being profitable! 💰
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.