CADJPY bounce at Support/Flip zone
I like what I see here on CADJPY on the 2 hour chart.
We hit a nice support/flip zone which can be seen by zooming out or going on the higher time frames.
So far there is nothing to indicate a reversal, as we are still making lower highs and lower lows. However, what I am predicting here is a potential higher low which will be confirmed by a higher high break of a neckline of a potential head and shoulders pattern.
This will be the 80.60 zone. First take profit will be the 81.20 zone.
I still believe stocks will go higher (barring any geopolitical events) because there will be nowhere to go for yield. Wall street understands the game. Central Banks only mandate is to keep assets propped up. If they fall there will big problems not only with retirements, but with banks as well.
We hit a nice support/flip zone which can be seen by zooming out or going on the higher time frames.
So far there is nothing to indicate a reversal, as we are still making lower highs and lower lows. However, what I am predicting here is a potential higher low which will be confirmed by a higher high break of a neckline of a potential head and shoulders pattern.
This will be the 80.60 zone. First take profit will be the 81.20 zone.
I still believe stocks will go higher (barring any geopolitical events) because there will be nowhere to go for yield. Wall street understands the game. Central Banks only mandate is to keep assets propped up. If they fall there will big problems not only with retirements, but with banks as well.