CADJPY Daily S/R| Swing Low| .382 Fibonacci| Price Action

5 thg 12, 2020

Evening Traders,

Today’s analysis – CADJPY- closing below Daily S/R where a rejection is probable,

Points to consider,
- Price Action Impulsive
- Daily S/R Resistance
- .382 Fibonacci Support (POC Confluence)
- RSI Bullish Control

CADJPY’s immediate price action is impulsive under Daily S/R, being a strong level, a retrace and hold of the .382 Fibonacci is probable, this will allow for a long entry.

The .382 Fibonacci is in confluence with the POC, price action has an increase probability of respecting this level.

The RSI is currently holding its bullish control zone, maintaining in these regions is indicative of strength in the market.

Overall, in my opinion, CADJPY is a valid long after a retrace; price action is to be used upon discretion/ management.

Hope this analysis helps

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And remember,

“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt