The CADJPY market has been falling under pressure every since the prior uptrend over extended, and was exhausted. The CADJPY has fallen into a strong weekly level where the market found strong support. The daily chart printed a bullish rejection candle and pushed prices higher in what appears to be a correctional move. The countertrend correction is showing signs of termination, and is signaling a potential reversal. The daily time frame printed an indecision candle last session has the market ‘stalled and churned’ under a bearish ‘hot spot’ – and area where the mean value coincides with an important level. If the market breaks the low of the Indecision Candle, we could see the downward momentum continue and push the market back down to test the weekly support level. Here we need to watch for possible exit signs – if the level holds it could double bottom out, but if it we see a break there is a lot of potential for much further downside movement. Dale Woods Dale Woods The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader. View All Post By Dale Woods Daily Look share Read Next 2 Reasons For Staying Bearish EUR/USD Targeting 1.25 – Yohay Elam 8 years The CADJPY market has been falling under pressure every since the prior uptrend over extended, and was exhausted. The CADJPY has fallen into a strong weekly level where the market found strong support. The daily chart printed a bullish rejection candle and pushed prices higher in what appears to be a correctional move. The countertrend correction is showing signs of termination, and is signaling a potential reversal. The daily time frame printed an indecision candle last session has the market 'stalled and churned' under a bearish 'hot spot' - and area where the mean value coincides with an important… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
