CADJPYi, Bullish Trend Technical Analysis
Bullish trend started 10th August till present time, 5MA above 8MA, 21MA above the 55MA, weekly PP target already hit from WPP to WR2, could show signs of retracement back the WPP before continuing bullish trend, stochastic giving confluence to price been overbought, but heading to mid Q4 we could see retracement reaching new support level and head for a break out before the end of the week.
With Fibonacci retracement drawn from start of the Bullish trend on the Daily Chart, we see the pull back almost reaching the 50.0 fib level giving an indication of price to move the the 138.2 fib level, but with monthly PP targets reached at MR2, stochastic giving confluence to price been overbought, we should see retracement back to MPP before Bullish trend continues, will be setting pending order looking for MPP trade entry point.
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Completed the MetaTraders Coarse through the South African FXBootcamp Mentor - Ryan Gandalf van Jaarsveld