Hi Sophisticated Traders,
With this weekly close below the EMA9, the CADJPY continues to test a firm resistance and retreat. The $CADJPY is looking like a Short against Weekly Close of 78.00 for a test of the low at 73.00. The current price is at 76.68, which would provide a good risk to reward for this pair. Only weekly close above the weekly high of 78.00 would negate this pair’s bearish pattern .
My analysis is not to be taken as final target or exact numbers, but as an exchange rates heat map of where sentiment and expectations are going. Take profit when you feel necessary or cut your losses.
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Let’s make some money together!
Happy Trading!
Dr . Lydia Smith
English