Setting up for a short position for the month of March.

Daily Chart

Market is bearish, price is also bearish with an oversold stochastic that has just crossed. Price has gone past the aggressive monthly target, I am anticipating a retracement to the resistance level 86.0000 or alternatively the 21 EMA resistance.

Source: MT4

H4 Chart

Market is Bearish, Price has been ranging for the past week, unable to make further lower lows, and has not made any substantial retracements. I am anticipating a bullish week for this pair, and will look for an entry at new monthly pivots on a M15 chart.

Source: MT4

One thought on “CADJPY”

  1. Charles Bidner says:

    Thankyou for the post Beverly. This is a common theme repeated across the JPY pairs I.E. we need a pull back to a Sell Zone, which means JPY weakness leading into March. At this point not looking promising. Next best is weakness early in March which fly’s in the face of the Strong JPY Repatriation move up to April 1. As you mentioned the other option is Sell off MA’s (H4 21EMA being the most obvious). A look at EURJPY sees the a bounce off daily 200 EMA, which can be a powerful dynamic S/R, so that would signal a possible shift in direction. March ’16 & ’17 had strong moves up for EURJPY, before moving down strongly. A quick look back at other JPY pairs suggest a move up in March before dropping away is not uncommon, so opening at MM3 levels on Thurs may see initial bullish moves!

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