CADJPY: Neutral, probably pending upside to be seen
CADJPY has been in a consolidation for some time, before launching a fierce uptrend, in what I consider to be a wave C impulse in a larger flat.
I considered the move complete, but looking at how it behaved after topping, I suspect that the uptrend isn't complete yet.
We can observe a series of smaller timeframe trends briefly putting the bears and the bulls in command, typical triangle behavior.
Also, the daily and weekly rgmov remain signaling an uptrend, while price stopped falling when meeting with the lowest high trendline I drew from the lows, and we have a series of highs and lows where we don't observe a move past them, effectively suggesting coiling price action, yet to explode.
The explosion will most likely be up if this is indeed a wave 4 triangle, but we'll see.
For the time being, I refrain to trade this pair until it shows directional commitment on either side.
Tread carefully!
Cheers,
Ivan.
I considered the move complete, but looking at how it behaved after topping, I suspect that the uptrend isn't complete yet.
We can observe a series of smaller timeframe trends briefly putting the bears and the bulls in command, typical triangle behavior.
Also, the daily and weekly rgmov remain signaling an uptrend, while price stopped falling when meeting with the lowest high trendline I drew from the lows, and we have a series of highs and lows where we don't observe a move past them, effectively suggesting coiling price action, yet to explode.
The explosion will most likely be up if this is indeed a wave 4 triangle, but we'll see.
For the time being, I refrain to trade this pair until it shows directional commitment on either side.
Tread carefully!
Cheers,
Ivan.
