We propose a short position in CAD/JPY, capitalizing on the renewed downtrend. An optimal entry would be near the channel resistance if another uptick occurs – e.g. around ¥104.4 – ¥104.5 (current market around ¥104.36 is already in this zone)
Technical Analysis: CAD/JPY’s technical picture has flipped bearish after a relief rally in April. Not long ago (earlier Q2), the pair formed a double bottom near a key support (around ¥101–102, likely the April low). That drove a rebound to a peak in late April, but the recovery stalled below ¥105. In fact, price failed at ¥104.90, which corresponds to the descending channel resistance on the daily chart.
We propose a short position in CAD/JPY, capitalizing on the renewed downtrend. An optimal entry would be near the channel resistance if another uptick occurs – e.g. around ¥104.4 – ¥104.5 (current market around ¥104.36 is already in this zone). A protective stop can be placed at ¥105.10, just above the recent swing high and the critical 105 handle. This stop is tight enough (about 70 pips risk) to invalidate the setup if hit (as it means a breakout of the bearish channel). The profit targets are ¥102.20 initially (just above the ¥102.9 support and ahead of the big 102 figure) and an extended ¥100.00 on a multi-week horizon if downside momentum persists.
Technical Analysis: CAD/JPY’s technical picture has flipped bearish after a relief rally in April. Not long ago (earlier Q2), the pair formed a double bottom near a key support (around ¥101–102, likely the April low). That drove a rebound to a peak in late April, but the recovery stalled below ¥105. In fact, price failed at ¥104.90, which corresponds to the descending channel resistance on the daily chart.
We propose a short position in CAD/JPY, capitalizing on the renewed downtrend. An optimal entry would be near the channel resistance if another uptick occurs – e.g. around ¥104.4 – ¥104.5 (current market around ¥104.36 is already in this zone). A protective stop can be placed at ¥105.10, just above the recent swing high and the critical 105 handle. This stop is tight enough (about 70 pips risk) to invalidate the setup if hit (as it means a breakout of the bearish channel). The profit targets are ¥102.20 initially (just above the ¥102.9 support and ahead of the big 102 figure) and an extended ¥100.00 on a multi-week horizon if downside momentum persists.
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