CAD/JPY Breakout Above the Pattern

CAD/JPY Technical Analysis

• Buying the dips
• Bullish trend
• M H5 is the next target
• MA angle is sharp

MEGATREND MAs: Bullish

Daily CAD/JPY

1. Point 1
2. Point 2
3. Point 3
4. Target zone

The CAD/JPY is undergoing a strong trend. The trend is bullish and I expect the market to push further up. At this point MEGATREND is showing a good potential for continuation of a long trend with new entries shown in the chart. Additionally, the Bank of Japan presented the summary of the June meeting, not adding a real lot to what we already knew from this unchanged policy meeting.

Board members did express concern about a sharply falling yen though. But they still do nothing about it and we see that there is no intervention in the open market yet. There is no strong data for the JPY this week but we will see mr.Powell speaking in the next few days so it might add also to Yen volatility. Equities will also move along with the Yen.

This analysis is a part of the Megatrend trading course. I have 2 long positions that I will maintain. The intraday target is 105.67 while the intraweek target is 106.05. There is no swing target yet as first we need to see M H5 taken away and only then we will see the continuation of a trade as a swing position.

Cheers and safe trading,

Nenad