Nothing gets better than when the price action reaches those confluence levels at the weekly charts. CADJPY is currently under the spotlight, where:
It may look that bears are lining up, I agree.
Under the hood at the intraday, a firm price compression is spotted, price fighting the supply zone and getting all supported by an ascending trendline. The supply zone visited at least five times over time could have weakened.
Either way, bearish or bullish breakout, potential runs are great in both directions. Let's be patient and wait for additional confirmations.
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- 1.Price trading under a descending channel
2.Closing the week with a bearish pin bar
3,Rejection from resistance and supply zone
4.And a double top from the previous week
It may look that bears are lining up, I agree.
Under the hood at the intraday, a firm price compression is spotted, price fighting the supply zone and getting all supported by an ascending trendline. The supply zone visited at least five times over time could have weakened.
Either way, bearish or bullish breakout, potential runs are great in both directions. Let's be patient and wait for additional confirmations.
--
*** If you like the idea, please don't be shy and click on the like button; also, comments are very welcome. | Thanks for your support!!! ***
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FEEL FREE TO CHECK MY SOCIAL NETWORKS FOR MORE MARKET INFORMATION 🇺🇸 🇪🇸
INSTAGRAM:
instagram.com/og.fxtrader
FREE TELEGRAM:
t.me/ogfxtrader
TWITTER
twitter.com/ogfxtrader
FACEBOOK
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instagram.com/og.fxtrader
FREE TELEGRAM:
t.me/ogfxtrader
twitter.com/ogfxtrader
facebook.com/ogfxtrader
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.