I still like this as a buy. Correlation is currently the leader and with NZD weakness and JPY strength price is still pushing down, but is struggling to do so.
From the daily view we are at a double bottom and momentum is fading as we reach the low. From the 4h I see we have divergence showing up and price is over extended to the down side. Couple this with the double bottom and I am definitely on hold from any sells at the moment. I would like to see buyers show up strong make it to previous highs. Then watch the sellers struggle and I will look to buy this.
CADJPY and USDJPY are sister pairs and I am seeing JPY strength fade. I believe CADJPY and USDJPY are the leaders of the pack with NZDJPY soon to follow.
From the daily view we are at a double bottom and momentum is fading as we reach the low. From the 4h I see we have divergence showing up and price is over extended to the down side. Couple this with the double bottom and I am definitely on hold from any sells at the moment. I would like to see buyers show up strong make it to previous highs. Then watch the sellers struggle and I will look to buy this.
CADJPY and USDJPY are sister pairs and I am seeing JPY strength fade. I believe CADJPY and USDJPY are the leaders of the pack with NZDJPY soon to follow.
All the analysis is based on techniques from:
www.urbanforex.com/
Check out our in house strength meter app we use for all our analysis on the app store.
FX Meter : itunes.apple.com/us/app/fx-meter/id1286671384?ls=1&mt=8
www.urbanforex.com/
Check out our in house strength meter app we use for all our analysis on the app store.
FX Meter : itunes.apple.com/us/app/fx-meter/id1286671384?ls=1&mt=8