CADJPY: A Buy Setup
-INTRODUCTION-
CADJPY has been moving within a wide bullish flag channel after the price has reached a new yearly high at the 103.00 level. This new high has not been retested and we expect the price to eventually rise to reach the high again. Today, the price has broken its bearish flag channel with a strong bullish momentum. Therefore, we will look to enter buy positions after a pullback.
-TRADING PLAN-
Currently, RSI has reached the overbought area. Therefore, we expect a short-term retracement to the 99.50 ~ 100.00 area. From there, we will observe for a consolidation pattern and then a potential breakout.
We will update this idea with a new post when the price reaches the area of interest :)
Check out our ongoing and previous trading ideas below :)
CADJPY has been moving within a wide bullish flag channel after the price has reached a new yearly high at the 103.00 level. This new high has not been retested and we expect the price to eventually rise to reach the high again. Today, the price has broken its bearish flag channel with a strong bullish momentum. Therefore, we will look to enter buy positions after a pullback.
-TRADING PLAN-
Currently, RSI has reached the overbought area. Therefore, we expect a short-term retracement to the 99.50 ~ 100.00 area. From there, we will observe for a consolidation pattern and then a potential breakout.
We will update this idea with a new post when the price reaches the area of interest :)
Check out our ongoing and previous trading ideas below :)
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