CADJPY has been in a short term bullish trend after breaking the resistance level and creating the support level. This price of the support is at 97.80. We will be looking for a bullish confirmation on the price action for the market to continue moving up and creating another impulse bullish wave move.

The ascending trendline is far from the current price action and the market has the potential to continue moving up without tapping the trendline as a rejection.

There is no retracement indication in this setup as its purely breakout and retest setup.

EMA 50 is bullish with the price action blanketing the support level at the base price. This bullish point needs to continue moivng up as apparently, market is on the verge of rejecting this area.

RSI is at 49. If it hops above the 50 level region, we can align the market with technical factors for the bullish move. 

Intraday buys on CADJPY

Feb 08 2023