Sell CAD/JPY | Sep 10, 2019
- KeonConsultancy.com
- Sep 10, 2019
- 1 min read
USD/CAD is correcting upward, USD/JPY is correcting downward from 61.8 of whole swing down on 1D.
Therefore, CAD/JPY is more likely to correct downward at least to 23.6.
Within 30+ minutes 4H candle is gonna be completed, which is making evening start pattern as well as a Marubozu or Engulfing.
MACD crossover is clearly noticeable now on 4H.
Risk: this bearish setup will become invalid if MACD on 4H crosses back to upside.
Note: Crossover must be clearly noticeable after close of candle, a crossover during running candle is not a crossover.
CAD/JPY has completed 30% retracement. We're out already.
As I start monitoring in London session, I observed that MACD had crossed back to upside, 'evening star' was invalidated in Tokyo session but then crossed back to downside in early London session. The market doesn't seem to send CAD/JPY higher anymore.
Recent news from China came about 4 hours ago :
Hu Xijin 胡锡进
✔
@HuXijin_GT
Based on what I know, China will introduce important measures to ease the negative impact of the trade war. The measures will benefit some companies from both China and the US.
12:01 AM EDT - Sep 11, 2019
This news couldn't weaken Yen anymore in last 4 hours whereas easing of trade war tension is supposed to weaken save-haven currency JPY.
That's why…