Update from my recent setup:
I open a buy CAD/JPY @ 94.70.
Canadian inflation data did rose as expected, with the risk event this Friday finally over, it is now all about technical analysis.
Although it did not touch my buy limit at 94.00, but it did break up yesterday's pinbar high at 94.80, together with confluence from a rising trendline and Dec 2013 - July 2014 trendline breakout (now turning into support), current price action suggests that a bounce has completed.
Targeting 50% - 61.8% of the most recent fall.
Good luck and have a happy weekend
Disliked{quote} You're welcomed Dr.Blue. I closed out my buy 0.3 lot AUD/JPY trade with 100 pips profit from 92.50 and i expect it could go up higher to test the 50% fibs of the recent fall. Today Canada will release string of important news at GMT 12.30 but USDCAD is ranging so it's better to buy CAD/JPY as Yen has weakened yesterday (D1 bullish pinbar) not only against CAD but also other crosses except USD. CAD/JPY manage to close itself above 94.00 level and trade above it now so i expect the uptrend correction is over now. So for today my signal will...Ignored
Canadian inflation data did rose as expected, with the risk event this Friday finally over, it is now all about technical analysis.
Although it did not touch my buy limit at 94.00, but it did break up yesterday's pinbar high at 94.80, together with confluence from a rising trendline and Dec 2013 - July 2014 trendline breakout (now turning into support), current price action suggests that a bounce has completed.
Targeting 50% - 61.8% of the most recent fall.
Good luck and have a happy weekend