CADJPY Daily S/R| Support Confluence| 200 DMA| Local Resistance

٢١ أغسطس ٢٠٢٠

Evening traders,

Today’s Analysis – CADJPY – trading at a pivot with strong support, price is likely to trade towards swing high.

Points to consider,
- Trend bullish (S/R Flips)
- Daily S/R Confluence (200 DMA & DEMA)
- Swing high target
- Oscillators neutral
- Volume below average

CADJPY’s immediate trend is establishing S/R Flips which allow for a short term bullish bias on the market.

The current daily S/R is strong support with multiple technical confluences. Price is respecting the 200 DMA & 200 DEMA, with an S/R Flip retest. Price technically has a higher probability of deviating bullish from this pivot.

Swing high is the local target for CADJPY, breaching this level will establish a higher high, continuing the trend.

Both oscillators are neutral; remaining above 50 indicates momentum is still shifted bullish for the immediate term.

The current volume nodes are below average, an influx is likely as price trades at support. This will confirm a true respect of the level as price deviates with increasing volume.

Overall, in my opinion, CADJPY is likely to respect Daily S/R allowing for a valid long. Price action is to be used upon discretion/ management of the trade.

What are your thoughts?

Thank you for following my work!

And remember,

“Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.”
― Yvan Byeajee