CADJPY Bullish within the Channel Up, bearish below it.

25 ביולי 2023

CADJPY is trading within a Channel Up since the March 24 bottom. The price action maintained this bullish formation as not only did it recently made a Higher Low but from July 12 to July 18 all 1D candles successfully closed above the 1D MA50 (blue trend-line), something common since April 27. As long as this is taking place, we will stay bullish, targeting 109.250. That is a Lower Highs level, similar to the one on in April, whose fractal resembles today's.

On the other hand, if we close a 1D candle below the 1D MA50, we will sell and target 102.000, just above the 1D MA200 (orange trend-line).

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