Taking a Closer Look at CAD/JPY
|The CAD/JPY pair, the pair broke above the daily Ichimoku cloud last week and appears to be in the pullback mode at the moment. If you’ve read my book, Ichimoku Secrets, you probably know that the pullback mode is where investors with moderate risk-tolerance can consider a bullish position, taking profit at the next Fibonacci retracement level.
For long-term investors, the next resistance level is at the 50% Fibonacci retracement of 84.53. This traces CAD/JPY’s price from the highs of October 2018 to the lows of June 2019. The forex market has had an unusually active July, so we’ll be sure to keep you updated. For more on Ichimoku strategy development, don’t forget to grab the PDF version of my book, Ichimoku Secrets.
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