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  4. CAD/JPY Downtrend Progressing Towards L4

CAD/JPY Downtrend Progressing Towards L4

February 20, 2017 15:11

As this week is a bit light with fundamental data and we have 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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