CADJPY Update for January 11, 2016

January 11, 2016

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.

Publication source
HotForex information  HotForex reviews

February 27, 2017
EURUSD dropping perfectly, remain bearish
Price is dropping nicely towards our profit target. We remain bearish below 1.0604 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a further push down to 1.0494 (Fibonacci extension, horizontal support)...
February 27, 2017
Gold reached three-month highs
Spot gold remained on strong bullish footing on Friday. After an Asian flat the price got an upward impetus in the European morning...
February 24, 2017
Gold surges to major $1250 resistance as uncertainty prevails
Gold surged Thursday on a breakout of its previous consolidation to hit and slightly exceed major technical resistance at $1250, a level not seen since early November...

Exness Rating
Fort Financial Services Rating
Tickmill Rating
Vantage FX Rating
FX Giants Rating
FXCM Rating

TopOption Rating
Porter Finance Rating
Migesco Rating
Banc De Binary Rating
OptionBit Rating
Beeoptions Rating