CADJPY seems to have completed its long downward correction and is ready for the next impulsive movement on the upside.The pair had attempted to start said movement last week, but at the beginning of the current week, markets have (temporarily) overreacted to news regarding the possibility of an impeachment of the U.S. President., and western currencies have lost value in favor of the Japanese one. As a result of this market reaction, all Yen pair have gone down.
However, that doesn't change the main structure, and CADJPY is awaiting for another impulse up, and the structure shows that potentially the pair could ready for it.
We are a bit late in updating this idea, as we have already taken position earlier on the break of the channel, still active, and another on the retesting of the channel break. However, you can follow the impulse and wait for a deeper correction on the 60 min timeframe, and enter there. Target in the 93.95 area.
Trade with care and only with a tested strategy.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.