CADJPY update.
The long I had on did come back to 618fib area, so closed for profit. I also have some shorts on now, details and charts below for my opinion on what the CADJPY might do.
Here's the monthly chart. See that giant monthly wedge [in orange] I mentioned previously.
Here's the weekly chart showing the rising wedge [in navy blue]
Here's the daily chart showing the daily wedge I previously mentioned [in green]
Here's the 4hr chart, showing how price became stretched from the 10EMA by the length of the blue bar.
I have some shorts on now at 91.5 area, 91.9 area and 92.1 area.
Current target, provided CADJPY don't make a HH before then, would be 50fib area of 91.4 and likely the 618fib area of 91.2
If we go and make a HH, I will be leaving a gap before putting more shorts on, eg maybe no more shorts until 93.4 area. CADJPY has just broken out of a daily wedge, so unless we go back below that, maybe price goes significantly higher.
If CADJPY close back below the green line on the daily closing basis, that would be a false breakout and maybe price heads south back to the green wedge support line, and below that maybe navy blue wedge support. The second target is actually right on a 'retest' of that daily wedge resistance as new support. Have to see if price bounces, or closes below it. See how quickly it gets down there[if stretched on 4hrs, I might put some longs on].
The long I had on did come back to 618fib area, so closed for profit. I also have some shorts on now, details and charts below for my opinion on what the CADJPY might do.
Here's the monthly chart. See that giant monthly wedge [in orange] I mentioned previously.
Here's the weekly chart showing the rising wedge [in navy blue]
Here's the daily chart showing the daily wedge I previously mentioned [in green]
Here's the 4hr chart, showing how price became stretched from the 10EMA by the length of the blue bar.
I have some shorts on now at 91.5 area, 91.9 area and 92.1 area.
Current target, provided CADJPY don't make a HH before then, would be 50fib area of 91.4 and likely the 618fib area of 91.2
If we go and make a HH, I will be leaving a gap before putting more shorts on, eg maybe no more shorts until 93.4 area. CADJPY has just broken out of a daily wedge, so unless we go back below that, maybe price goes significantly higher.
If CADJPY close back below the green line on the daily closing basis, that would be a false breakout and maybe price heads south back to the green wedge support line, and below that maybe navy blue wedge support. The second target is actually right on a 'retest' of that daily wedge resistance as new support. Have to see if price bounces, or closes below it. See how quickly it gets down there[if stretched on 4hrs, I might put some longs on].
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