Confirmation of the Long Scenario on CADJPY by ThinkingAntsOk
Main items we can see on the chart
a) The price has broken a clear range (yellow lines)
b) Based on the Weekly chart, our Macro Target is the Higher Trendline of the Descending channel
c) We expect a trading opportunity if the price makes a corrective structure on the broken range (yellow lines)
d) This corrective structure must be an ABC pattern on a lower timeframe like the 30min chart
e) The Target can be the previous Local High
f) We also have an invalidation zone for the long view
a) The price has broken a clear range (yellow lines)
b) Based on the Weekly chart, our Macro Target is the Higher Trendline of the Descending channel
c) We expect a trading opportunity if the price makes a corrective structure on the broken range (yellow lines)
d) This corrective structure must be an ABC pattern on a lower timeframe like the 30min chart
e) The Target can be the previous Local High
f) We also have an invalidation zone for the long view