We published an article on 24th July regarding Canadian dollar versus Japanese Yen to reach its targeted destination near 88.70 and 89.0 where we have our exponential moving average 50 situated but monitoring the current market scenario - it seems to be a bit difficult for the pair to breakout of the nearby resistance and achieve our taking profit zone. According to our previous analysis CADJPY was in a state of correction starting from 85.70 as our major support zone and was suppose to be completed 88.70 but now as we see, CADJPY might fail to provide us with a higher corrective wave 'c' with more probability of falling from the current market price and continuing its down trend due to breakout from some major price action zone i.e 88.0 in June. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

CADJPY is expected to retrieve with itself with a bearish reversal from our current market price with daily relative strength index trading below 50 level and MACD also depicting signs of weak bullish momentum to sustain itself at this level. Canadian dollar versus Japanese yen is also trading near weak supply and demand zone, which isnt being supported enough by any bullish sentiments to provide it with a hike towards 89.0. 61.8 fibb retracement level is going to be our targeted destination, not anticipating any further move for now because of our strong price action at 85.66 and exponential moving average 200 in daily - acting as a strong support. We advice our viewers to stay updated with our analysis as we will be providing updates in accordance to the structure being formed by the market. Just for side information, the pair has completed its impulsive 5 wave bullish structure in one hourly time frame and calls for a correction to the structure, so this also might be another supportive factor to our trade. 

CADJPY D1

Jul 30 2021