Technical Analysis for CADJPY
Market is bullish, the 21 EMA is above the 55. Price is however bearish, with the 5 EMA below the 8 SMA. Price formed a double top on the Daily chart, broke through the 'neckline' and looks to be moving up to retest that area as role reversal resistance.
Price opened this week on WPP and moved downwards to touch the weekly bear target of WS2. Price looks to be retracing to the role reversal resistance around WPP, which is also in confluence with the bearish trendline (dotted line) that it has been respecting for the past 2 weeks.
I am looking to go short on this pair at the WPP resistance with the target of WM1.