💱CADJPY - A retest of uptrend support. But there's a but!
CADJPY is forming an uptrend. On the background of this movement, the market forms a support retest, it seems to be predictable, but the situation may get out of control, as a decrease in volatility is formed.
TA on the high timeframe:
1) The market is at its maximum values. A small correction may form before further gains are made
2) The liquidity area that MM might be interested in is below 109.45. If the price breaks one of the supports, it will direct its movement towards this area.
TA on the low timeframe:
1) A support retest is formed and volatility decreases to the minimum values
2) A consolidation is formed. This consolidation can both send the price up after the support retest
3) or it can break the trend support and send the price down. In this case, there are two scenarios:
3.1) Trading a bounce from support. The signal will be a prolonged consolidation above the support
3.2) Trading a breakout of support - either open a trade immediately for a breakout or wait for consolidation below the level.
Key support📉: 110.15
Key resistance📈: 110.37
TA on the high timeframe:
1) The market is at its maximum values. A small correction may form before further gains are made
2) The liquidity area that MM might be interested in is below 109.45. If the price breaks one of the supports, it will direct its movement towards this area.
TA on the low timeframe:
1) A support retest is formed and volatility decreases to the minimum values
2) A consolidation is formed. This consolidation can both send the price up after the support retest
3) or it can break the trend support and send the price down. In this case, there are two scenarios:
3.1) Trading a bounce from support. The signal will be a prolonged consolidation above the support
3.2) Trading a breakout of support - either open a trade immediately for a breakout or wait for consolidation below the level.
Key support📉: 110.15
Key resistance📈: 110.37
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