CADJPY buys from support of 95
Vasl Capital
CADJPY·
Mar 24 2023
Stop Loss -0.68%
Holding time 2hr
95.002
Entry price
94.355
Stop loss price
CADJPY has been at the support level of 95, forming a lower low and lower high formation, indicating a bearish trend. This support might act as an indicative of a correction, which we will be underpining for our long position.
The descending trendline is due to be broken out for buys but it still awaiting. The support trendline is being rejected by the price action and has formed a wick.
There is no retracement indication of the market right now.
EMA 50 is bearish and market is yet to retest the EMA 50 at the level. That being said, we can also consider the EMA 50 as a profit taking target.
RSI is at 37. It needs to dwell towards the over sold region and form a bullish divergence, as its formed on the price chart.
CONCLUSION: BULLISH