Reasons For Long Bias:
- June 8th Price Broke Above Zone that held since 2014 and hasn't been broken since 2008 (approx. 15 years)
- Price came back down and then came up and broke past that previous high that was just broken.
- The JXY is continuing to go into the toilet which means JPY pairs will have bullish momentum. Check weekly candle for confirmation.
- The descending trendline on CADJPY has been broken and retested even though the Bearish Divergence is present it just mean that CADJPY is due for a fall before going back up.
Targets
- Once price breaks above the pink line "Last Level of Structure to break" then I will wait for pullback and buy and hold til 107.000
- Green Trendline is a potential target
- June 8th Price Broke Above Zone that held since 2014 and hasn't been broken since 2008 (approx. 15 years)
- Price came back down and then came up and broke past that previous high that was just broken.
- The JXY is continuing to go into the toilet which means JPY pairs will have bullish momentum. Check weekly candle for confirmation.
- The descending trendline on CADJPY has been broken and retested even though the Bearish Divergence is present it just mean that CADJPY is due for a fall before going back up.
Targets
- Once price breaks above the pink line "Last Level of Structure to break" then I will wait for pullback and buy and hold til 107.000
- Green Trendline is a potential target