CADJPY: A MERE BULL PULLBACK OR A REVERSAL

This instrument has reached the minimum target from out last analysis (see the insert idea) and a correction seems in place. Either long term(reversal) or short term(pullback), we can still have some profitable trades. Price broke out of distribution zone two days ago and a lot of liquidity seems left behind. Price is testing a demand zone at the moment and this zone may be used by the market maker as a launchpad for a revisit of supply zone to collect the liquidity before price continues its downward flight. We can look for a sell opportunity here. But if price breaches the demand zone in play now, it might get to our minimum target of 1.04551 before a revisit of the supply zone even if its just a mere bull pullback.

Yorum: