CAD/JPY technical analysis
● Multiple Pinbars.
● The price is bearish.
● Lower highs.
● W L4 possible target.
Megatrend mas: Bearish.
H4 chart CAD/JPY
1. Left shoulder.
2. Head.
3. Right shoulder.
4. Target.
The CAD/JPY is showing pinbar rejections off the W H3 resistance. The earthquake in Japan and China lockdown loosening policy turned Yen weak overnight. However as the price is still bearish we should see a move down. Megatrend MAs are bearish. Multiple pinbars confirm sellers. The entry in the zone 99.85-100.00 has been made. Possible targets are 99.30 followed by 99.02 and 98.46 as the final target.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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