From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H4/M30.
CADJPY as a result of strong demand response, in November for the fourth time in history has rejected support of the bullish trend line. Growth has not lasted too long and since the beginning of the year we have seen declines again.
Looking at weekly chart, we note that recent rises have reached the local resistance at 88.60, where supply reaction has occurred. Later declines very precisely tested from the top (as support) defeated in November bearish trend line, where demand response occurred.
Taking into account the dynamics of recent declines, which were much calmer than earlier increases and had smaller range, we can suppose that they were only a correction and in near future we would expect continuation of growth.
The analysis was made on Broker BDSwiss platform, which offers leverage up to 1:500 and low spreads
If it turns out that last drops were merely a correction, we could expect to be able to set new highs, which would mean overcoming the already mentioned 88.60 level. Nevertheless, looking at the daily chart, we can see that first supply reaction could occur much earlier already at level of 84.20.
After probability of continuation of the current trend can also speak the dynamics of today’s impulses. Despite the fact on low time intervals, in the short time horizon we might experience at least a slight downward correction.
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