CADJPY

CADJPY

Rushi asked me to analyze 4h CADJPY. I switched to 1D because:

  • It did take much time to begin answering
  • 1D TF is telling more clear and important story.

I noted the key signs on chart. As you can read from the chart, we have:

  • zone of strength formed in August around 79.5
  • signs of weakness above 82.5

Currently, bulls are trying to push price higher with EVRB 20/Nov at the level of SFDB 81.50. This is reasonable setup, but as for me, we have too much fresh weakness overhead. Price is moving in the middle between 2 orange lines. Here market is vulnerable to print counter-minding messages. Yes, we have bullish arguments on this chart. However I do not believe they will lead to a strong rally.

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