Canadian Dollar Japanese Yen
Good evening Dynamic Forex Traders,
The chart tonight is of the CADJPY.
I am keeping a close eye on this pair tonight for an entry , as I am expecting at least a bounce, if not some form of reversal, although it has been in a downtrend for a while. I will have to be vigilant however, and time my entry to keep a tight stop, because it looks like it is also going to close in the DD area. My confluences are such, that, together with the fibonacci cluster area at present and the close proximity of the RN, I shall await confirmation on my lowest timeframe.
Please notice the nearly OS Stochastic, and also in AdvancedGet we are at the T.J.'s Elipse.
As always, please do your own analysis before taking any trades.
Charts courtesy of TradeStation.