CADJPY is in a bullish trend with the formation of higher highs and higher lows. The market needs to test the support at the price point of 99, from where, we will be taking the long position. Apart from that, we believe another impulse wave of the bullish side is impending towards the upper side.

The descending trendline is being formed for the breakout buy. Market needs to breakout yet in order to confirm the market validity. 

The retracement level of 61.8% is in confluence with the support level and has a strong uphold for the market to continue moving up.

EMA 50 is ranging as its breaking up and down continuously. Right now, its bearish. But the bearish EMA 50 does not mean that the market will have the impact to go bearish unless it breaks the structure towards the bearish side.

RSI is at 49. It needs to dive towards the over sold region in order to form the bullish divergence for the market and align with the technical parameters on the charts.

CADJPY buys from 99

Mar 08 2023