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03.03.202109:17 Forex Analysis & Reviews: Daily Video Analysis: CADJPY facing bullish pressure, potential for further upside!

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Today we take a look at CADJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bullish pressure as it continues to hold above the ascending trendline support in line with our bullish bias. We could potentially see a bounce at our buy entry level, in line with our 61.8% Fibonacci retracement level, and a further rise towards our take profit level, in line with our horizontal swing high resistance. It is worth noting that the MACD indicator is also holding above the 0 line, showing bullish pressure in line with our analysis.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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