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CADJPY is close to make or break!

Wednesday, October 11, 2017 11:50 AM GMT

CADJPY still remains under selling pressure. IIt'smoving below 21 EMA while it is currently breaking the lower side of trendline (of rising wedge). If it confirms the breakout, then it will initiate a further correction to lower supports. Reviewing the H4 TF, we have noted a falling wedge, however; it’s very close to being busted. We have noted a bullish scenario. The specific zone is crucial because if the price moves and stays below 200 SMA, it will strengthen the bearish outlook. We have noted both scenarios. Heading to the hourly TF, the pair will negate the bearish intraday outlook if price moves above 200 SMA or 90.055 level. It is currently testing a make or break intraday zone (Z1). There two scenarios as always. The first one is triple bottom and price will bounce while the second one; the price will activate a downside target of 35 pips.

Supports: 89.294 – 88.563 – 87.833

Resistances: 89.90 – 90.45

Daily

H4

H1

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