Looking at the weekly trend of CADJPY i see the following and hence taking the trade.
1. Weekly donwtrend line broken with strong bullish movements
2. Price has created new HH and HL , new HH formation is in process
3. An elliot wave in formation
4. Adding more confirmation by using MACD, corssover is seen in oversold zone in line in bullish candle, indicating trend change and potential bullish movement.
5. With HL formation the price has tested the zone which it broken earlier so more confluence.
I believe this is enough confluence.
Trade safe guys
1. Weekly donwtrend line broken with strong bullish movements
2. Price has created new HH and HL , new HH formation is in process
3. An elliot wave in formation
4. Adding more confirmation by using MACD, corssover is seen in oversold zone in line in bullish candle, indicating trend change and potential bullish movement.
5. With HL formation the price has tested the zone which it broken earlier so more confluence.
I believe this is enough confluence.
Trade safe guys