CAD/JPY T-89 Pattern Hints More Bullish Price Action

Hi traders,

The CAD/JPY has formed a T-89 pattern at W L3/ D H3 support so we might see a further upside continuation. T-89 is my proprietary pattern that marks the rejection off the important EMA.

POC zone 82.45-55 might see a bounce for the CAD/JPY towards 82.66 that is the first resistance. However, a close above will initiate a new wave of buyers and possible short sellers will cover providing bulls with additional momentum. Higher timeframes are also suggesting continuation to the upside. Next targets are 82.75 and 82.90. Ideally the pair should stay above 82.20 for the bulls to remain in control.

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The analysis has been done with the CAMMACD.MTF template.

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Many green pips,

Nenad Kerkez aka Tarantula FX
Elite CurrenSea

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.