CAD/JPY: Downtrend Progressing Towards L4
Admirals | Feb 20, 2017 09:57AM ET
As this week is a bit light with fundamental data and we have a US holiday today, it is time to shift our attention towards crosses that are trending and have the scope to move during late New York/Tokyo session later. The CAD/JPY shows a bearish zigzag that might be targeting L3 and L4 camarilla levels.
At this point, the price is below historical low of a previous master candle and as long as it stays below it, continuation towards L3/L4 could happen without a retracement to POC. However, a break above previous master candle low might trigger a retracement towards POC 86.60-75 (H4, ATR Pivot, 88.6, inner trend line). Rejection and continuation should target 85.90 and 85.65.
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