CADJPY is overall bullish in 2024, but we need to see a correction on the up wave that started last June 5 for long re-positioning.

Join me as I share my first analysis and trade plan for the CADJPY pair that is added to my long cross pair list.

There are no high impact economic reports in Japan this Friday but there are 2 in Canada starting tonight.

Assessing CADJPY’s high timeframe candles:

Yearly Candle: A Green Body with a Slightly Longer Tail Wick

Monthly Candle: Previous close is a Green Long Lower Shadow with a Big Body current is a Semi Green Shaven Bottom

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Green Long Upper Shadow with a Big Body

Daily Candle: Previous close is a Red Semi Long-Legged Doji current is a Red Body with a Longer Tail Wick

In today’s analysis, I’m referencing the complete upward move from June 5 to July 4 swing low to high move as the retracement points of view.

This up wave move may appear completed after topping out yesterday.

I can see 3 possible price actions here in favor of a bullish trend continuation.

First, yesterday’s will be broken to further breakout towards the 122.15 level.

Second, price will be in sideways with the intraweek lows and highs as ranges.

Third, CADJPY’s price corrects back to as low as the 115.80 level.

In today’s trade plan, I’m going to short CADJPY based on the third option mentioned above.

Assuming the current weekly ranges break down, I will enter right now with a stop loss set at 119 level only while targeting the 115.80 level to take profit.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

Hoping I’m right to choose the 3rd possible scenario.

All trade ideas I share are my own views and for my own trades only.

CADJPY Intraday Analysis and Trading Plan For July 5, 2024

Jul 05 2024

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