15 min CADJPY
15 min CADJPY
Somewhat similar to what I saw with NZDJPY with overall bullish trend yet the smaller time frames are showing bearish.
The bearish trend was to create pullbacks for areas that needed to be retested.
On the 1 HR the current candle is bearish engulfing however it did not break the 4 HR support zone. Previous candle formations only the retested the neckline area on the 4 HR support zone yet price did not break or go lower than the support zone.
On the 15 minute, price is creating new HLs to retest 50% bearish engulfing candle.
I’d wait and see if price continues to push up to retest the 1 HR resistance zone. When it does, all it needs is just a small push up to break the 4 HR resistance to create a new HH which will be highest out of the last two from yesterday.
As of now it is still looking like bearish with small bullish pullback to retest previous HH. I put in a pending order at 1HR resistance zone where they had wick rejections from yesterday.
Somewhat similar to what I saw with NZDJPY with overall bullish trend yet the smaller time frames are showing bearish.
The bearish trend was to create pullbacks for areas that needed to be retested.
On the 1 HR the current candle is bearish engulfing however it did not break the 4 HR support zone. Previous candle formations only the retested the neckline area on the 4 HR support zone yet price did not break or go lower than the support zone.
On the 15 minute, price is creating new HLs to retest 50% bearish engulfing candle.
I’d wait and see if price continues to push up to retest the 1 HR resistance zone. When it does, all it needs is just a small push up to break the 4 HR resistance to create a new HH which will be highest out of the last two from yesterday.
As of now it is still looking like bearish with small bullish pullback to retest previous HH. I put in a pending order at 1HR resistance zone where they had wick rejections from yesterday.
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