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CAD/JPY: new long possible

CAD/JPY: Our Expectations: Possible rising movement after a series of positive technical signals with SL: 82.83.

Alternative scenario: Eventual movement under 82.83 will reverse the outlook to short.

Commentary: Breakaway of the diagonal support, test of the breach and new rising impulse.

20 EMA above 50 EMA – positive signal.

Correction after the breakaway above 50 EMA, which shows that the bulls control the market.

Engulfing bar after the test of 20 EMA – bullish price action signal.

CCI (50) above 0, DeM above 0.7 – signals for possible long movement.

We could wait for a few pips for a better price.

Стефан Д. Ангелов – Head of Stocks Trading


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