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CAD/JPY Bearish Rejection Pinbars

By:
Nenad Kerkez

The CAD/JPY is showing pinbar rejections off the W H3 resistance.

CAD/JPY Bearish Rejection Pinbars

In this article:

CAD/JPY Technical Analysis

  • Multiple Pinbars
  • The price is bearish
  • Lower highs
  • W L4 possible target

MEGATREND MAs: Bearish

H4 Chart CAD/JPY

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  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.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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