Anticipating CAD/JPY's Bearish Breakout: Technical Analysis

9 Mar 2023

Hey, fellow traders! I'm keeping a close eye on CAD/JPY as it looks bearish and could potentially head south. In my technical analysis, I've spotted a trendline and RSI divergence that could indicate slowing momentum, along with a sweet continuation pattern in the price action.

If we break the key "support/resistance area," the pair could drop as low as 97.5. That's why I'm planning to wait for a pullback before taking any action in the market. But for those of you who are considering shorting CAD/JPY, keep an eye out for these signals as they could indicate a prime opportunity to make some profits.

Overall, it's essential to stay vigilant and monitor the trends and indicators to make informed trading decisions. I hope this analysis helps you in your trading journey. Happy trading!

10 Mar 2023

İşlem aktif

So far so good! I'll move to break even soon.

10 Mar 2023

İşlem kapandı: hedefe ulaştı

Closing it out for the weekend. Have a good one traders!