As usual, we employ the top-down analysis system to analyze our charts. Today our focus is on CADJPY Intraday.
Monthly chart- is on a bullish trend
Weekly chart– also shows a bullish trend
Daily chart- As you would expect, also showing an uptrend. Price has broken below the bullish trend line as seen in the video and we hope for a retest of the trend line area.
Recommendation: On the 1hr time-frame, price is heading up towards the daily trend line. It is quite unclear as to what will happen next since price remains below the moving average on the 1hr chart, therefore, we stay indifferent.
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