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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@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.
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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.
Its been long long long overdue but the Yen has been so strong due to geopolitics so its hard to know when the reversal will occur.
SureFire_Trader
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@Jamal92, agree strongly. But look at the gold chart from aug'16 to dec. Then we saw gold rally. Cadjpy is painting that picture. It is very close for big upmove imo.
Jamal92
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@SureFire_Trader, I agree. The only thing left for me to do is just be patient- I hope the reverse is soon.