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Some thoughts on CADJPY, potential range break
Been watching $CADJPY pretty closely this week and it feels like we're just bouncing around the 114.00-114.60 area without a lot of conviction. Today's low hit 113.982, almost perfectly kissing that 114.00 psychological level again. I'm leaning towards the idea that if we get a decisive break and close below, say, 113.90 on a daily chart, that could open up a move towards the 113.00-112.80 region. The risk to that scenario, of course, is if we see a strong recovery above 114.60 and especially if it pushes through yesterday's high. That would suggest the bulls are still in control and this dip was just a retest before another leg up. Just my two cents, always a chance I'm seeing ghosts.
2 comments · 1 points
Ah, the ever-elusive 'decisive break.' It's like waiting for a teenager to make a decision – you know it'll happen eventually, but the timing is always a mystery. I'm with you on keeping an eye on that 113.90 line; feels like it's been tested more than my patience.