What I am seeing on a weekly chart, CADJPY, may surprise soon.

30 Kas

https://www.tradingview.com/x/kgq87Gfi/

You can see here a weekly chart for CADJPY, It's quite apparent the uptrend, and the price on a weekly has been in a huge rising wedge since March 2020, nearly 5 years ago.

This year alone, there have been at least 3 moving averages cross-ups supportive of higher prices to continue, the one that interests me the most is the most recent MACD bullish cross-up on the signal-line.

Fibonacci Retracement levels from recent weeks, all line up in price in that golden zone area between 50% and 38.2%.

This is all lining up nicely on the weekly chart for long positions again soon on CADJPY.

Now here is the Daily chart, the first thing that's apparent is the sell off this week, the chart also leaves a feeling that bearishness is set to continue. I differ and I think bulls will be buying this from the start of next week and price action will start to turn back to the upside at some point during next week.

Finally, I want to take a look at a very low timeframe and see what is developing there.

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First the daily timeframe CADJPY with all of the recent selling

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I think price will hold 105. On the daily chart above the price action is inside of a standard Bollinger Bands and price is already outside the bottom of Bollinger bands, usually price wants to snap back once it get outside of Bollinger bands.

Intraday chart or 2 will reveal Mondays price action in a moment.

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Next weeks lower timeframes include things like double bottoms, which are often preceding a bullish reversal, but with the selling on Friday it may continue on Monday. I would not be Buying or Selling this right now, it needs to be timed and I will keep a peeled eye on it over the next next and update you right here with an alert.
It's good to know the setup in advance.
If I could have a dollar for every trade I took that was 'rushed', 'chased' and a trade taken in the spare of the moment acting on only 1 strong confluence, not multiple things adding up to a change to the long-side again soon, I would be rich and I would need to be trading because all those $1 bets I took in the past are never ending.
By now, if you have carefully studied want I have provided and my reasons for a Long buy soon, you will more than likely know if you support my theory.
Next I will provide some fundamental's on these currency's' currently - CAD & JPY.
But below is a chart of this pair on a very low timeframe which shows the last time, in september 2024 that CADJPY went from the bears downside correction and was back in the Bulls hands in less than 72 hours.

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From Cryptonews.com.
A breakout in crude oil will bode well for CAD.

1.1. Fundamentals Of CAD/JPY

CAD/JPY is a unique pairing in the forex market, representing the Canadian Dollar (CAD) and the Japanese Yen (JPY). What sets it apart? Its character is predominantly sculpted by two powerful factors: crude oil and risk sentiment.

Why crude oil? Being the largest exporter of the black gold to the United States, Canada’s economy is significantly reliant on oil prices. Hence, the CAD is often dictated by fluctuations in oil-market trends. More precisely, when oil prices surge, the CAD generally follows suit experiencing an uptick. Consequently, robustness in oil’s performance can evoke bullish opportunities for traders who focus on CAD/JPY.

As for risk sentiment, it pivots upon the role Japan’s currency plays in the global economy. JPY is typically perceived as a ‘safe-haven’ asset. When financial markets appear shaky, or global tensions are on the rise, investors flock to the stability offered by the yen. This leads to a sell-off in higher-risk currencies like CAD, causing the CAD/JPY to dip.

1 Ara

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My apologies for the confusion, the above chart with the falling-wedge (red) with price action right at the bottom corner of the wedge, this is NOT a weekly chart, it's an hourly chart hence they are hourly candles.

4 Ara

İşlem aktif

Another buy signal very close
will place in notes

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I BOUGHT IN AT 106.33.
NO STOP OUT FOR ME.
I prefer it this way, a mental stop with regular checks on price.

4 Ara

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CADJPY LONGS from 106.67 BUY
positive bullish divergence. price makes higher low. RSC lower low.

4 Ara

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Its a big signal this one on the daily chart. perhaps wait until the oscillators cross up properly on the daily chart.

4 Ara

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unlike gbpnzd where the 200 daily ema is below price, this one CADJPY does not have this happening so riskier.

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Heres another one that might score me some goofey-points. I like this one for a Long trade. Go low volume of buy-order. 0.05 to 0.3 Units of SGDJPY. More is you have the risk apetitte . This one also has the daily 200ema just north of current price by a fraction.
This one has moved deeply into oversold on the rsi today, i also like the stochasdics and macd.

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I probably wont be posting this tip to everyone as it takes time when i need to be watching a porfolio of about 40-50 different things at the moment mostly Crypto.
Remember dont sell too early on things. That's why if you buy small lot size you can ride the markets better and don't even use a SL becausae I generally dont use them.

4 Ara

İşlem kapandı: hedefe ulaştı

Not so much target reached, tv only let us update these alerts once now, so defintely I am LONG CADJPY. You will see in this chart a VWAP setup which includes VWAP which is basically the most accurate / precise moving average that exists in trading, so in this setup price has increased and remained above vwap, and price also remained above a couple of other moving averages (blue lines) VWAP is pinky purple thick line and the yellow thick line i dont recall its functuion