Thinking to go Long on #Yen trade? #CADJPY is ready

CADJPY at the current level around 81.16 is a safe entry point for a long trade. Downside is limited but this could move strongly to the upside which is long due. Could see this move to 86.00 level.

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Trade outlook is 10-30 days
Ramesh is the author of his new book "Trade Forex with Confidence" to show readers how to build a profitable trading system using the 10/20/30 Rule.
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Kommentar:

@Jamal92 has a question whether the reversal is near. And here is my thought.

The yen trade is extremely complicated and many pro traders were looking for a reversal for many weeks and got stopped out. But now the reversal is extremely close and why did I say that? At the 82 level is a clear indication of a false bottom and we broke thru it. Only after seeing that, I am confident the reversal at the current level has high chance. However I have my stop to take me out when my analysis is wrong but I wish that wont be required.

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CADJPY trade is intact. Not seeing any weakness so far and it just needs the time to take its course.

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Still same outlook as my last update. Together with audjpy and nzdjpy, cadjpy is expected to project upwards however the target hit may take around 30 days to play out.

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Whomever on the CADJPY trade, will be smiling. I have now moved my stop to breakeven and let price to climb up to 86.00 as long as it requires. Maybe in 2 weeks or longer. It doesn't matter as there will be gains incurring due to carry trade. Enjoy.

Kommentar:

Stirred but not shaken. Structure still intact so target at 86.00 is valid

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Don't give up yet on the CADJPY trade or any yen trades. Yes we saw deep pullback to take out longs but I'm still in the trade as I could see this go.

Trade geschlossen: Ziel wurde erreicht:

On target. Made over 450pips.