Vladimir Ribakov analyzes CAD/JPY on the 4-hour and 1-hour charts, spotting a bearish MACD divergence and a shift to lower lows. He plans to sell rallies that pull back to Fibonacci levels, as long as those levels hold.
Is the CAD yen getting ready for another sell? Let's take a look on the charts. On the 4-hour chart, we get the classical flip conditions from higher highs, higher lows. The 4-hour chart created a bearish divergence— higher highs on the chart, lower highs on the MACD— and then lower lows on the chart and lower lows on the MACD histogram, flipping from negative to positive to lower negative. And since then we got a huge bearish momentum. 1-hour chart starts to form bearish price action by making sequence of lower highs, lower lows. I believe short-term pullbacks towards the Fibonacci levels is very possible, but as long as the Fibonacci levels will hold, I will be looking to sell the rallies. Share your thoughts in the comments.
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