Ninja Bulls Are Fighting hard (CAD/JPY)
The Yen has been fighting against the Cad to push the price down, At this point, there are multiple confluences that are in line with shorts. Price, 1stly, has rejected a higher time frame resistance, it then goes ahead and breaks out of a wedge and now comes back to retest the level at 105.00. We see that on the retracement, the price pushes in a three-wave move to the upside before rejecting which creates a trendline for price to follow, The first sign that the bears will take over again is the break of the trend-line. The second sign is the Break back below 104.200 which gives us two shorting confluences.
Once this happens I will look to take my position down to around 101.500. If the price breaks 101.500 then we are in a fully-fledged bear market, I will have to wait for price to provide a solid sell setup so it will depend on the strategy you use to enter trades. On the flip side, remember that price is still very bullish on the higher time frame and it could easily continue to break the resistance and push higher. With that being said it is extremely imperative that we wait for the price to break below 104.200 before we consider selling.
Have a fantastic day Traders.
Renaldo Philander.
The Yen has been fighting against the Cad to push the price down, At this point, there are multiple confluences that are in line with shorts. Price, 1stly, has rejected a higher time frame resistance, it then goes ahead and breaks out of a wedge and now comes back to retest the level at 105.00. We see that on the retracement, the price pushes in a three-wave move to the upside before rejecting which creates a trendline for price to follow, The first sign that the bears will take over again is the break of the trend-line. The second sign is the Break back below 104.200 which gives us two shorting confluences.
Once this happens I will look to take my position down to around 101.500. If the price breaks 101.500 then we are in a fully-fledged bear market, I will have to wait for price to provide a solid sell setup so it will depend on the strategy you use to enter trades. On the flip side, remember that price is still very bullish on the higher time frame and it could easily continue to break the resistance and push higher. With that being said it is extremely imperative that we wait for the price to break below 104.200 before we consider selling.
Have a fantastic day Traders.
Renaldo Philander.