CAD/JPY Trading Analysis (12/12/2024)
The trend is descending. The currency pair is trading in the range between 365 and 135 ЕМАs. The upward wave structure is truncated. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an overbought conditions.
Trade idea:
- Sell when the formation of the downward wave structure begins, when the wave A breaches the sloping channel of the upward truncated structure.
- Stop-loss is above the local maximum of the rising structure.
- Price targets at 107.150 and 106.500.
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