Trade recap and analysis - CAD/JPY
Trade what you see not what you think!
We had a nice sell today on the CAD/JPY, this trade was accelerated by the CPI news and the CAD Monetary policy news.
The outlook now is bullish based on the wave structure count on the H4 chart. The price has now printed a momentum high 1 (Resistance) followed by a structural point 2 (Support); which is a buy point.
Using the Fibonacci retracement tool as a guide for our Buy-Zone, we believe that the retracement is valid and buying now is a high probability trade.
Targets: 112.22 & 112.56
SL: Below 111.40
We had a nice sell today on the CAD/JPY, this trade was accelerated by the CPI news and the CAD Monetary policy news.
The outlook now is bullish based on the wave structure count on the H4 chart. The price has now printed a momentum high 1 (Resistance) followed by a structural point 2 (Support); which is a buy point.
Using the Fibonacci retracement tool as a guide for our Buy-Zone, we believe that the retracement is valid and buying now is a high probability trade.
Targets: 112.22 & 112.56
SL: Below 111.40