CADJPY, Daily
Last week I wrote how CADJPY had been falling as there weren’t bidders for the crude oil as problems with the Chinese stock market caused the traditional safe havens, such as Japanese Yen and Gold market to rally. I said that the move is overdone on the downside was probably overdone and we should prepare to short at higher levels. The pair rallied to my 83.93 resistance and provided short trading opportunities for those who had been to my webinars and knew what to look for. My Target 1 at 82.46 was hit earlier today after which market created a bullish pin bar at the level. This suggests that the same target level was chosen by the institutional players as well.
CADJPY has now been falling for five consecutive days. With the market trading at support after such a continuous fall it wouldn’t be a surprise if it took a breather and moved sideways before extending its move to the downside towards my Target 2 at 81.38. This is supported by the 60 min chart in which price has reached a breakout target that was based on a triangle formation. Price should be moving sideways between the 82.46 support and the above triangle formation today.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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