CAD/JPY Looks To Rip Higher
Don’t Fall for the Bargain Hunters Folly When it Comes to Japanese Yen
Many analysts are suggesting the Yen is due for a massive rebound given its massive fall dating back to 2022. This is essentially a mean reversion approach which with certain instruments holds value. However, those who have traded the Yen for years know that it is a completely different animal. To suggest the Yen is ‘due’ for a correction is playing with fire.
In fact my nifty fan pattern shows CAD/JPY poised for a nearly 300 pip run higher in the coming trading sessions. Get long CAD/JPY in the entry range of 114.40 to 114.75. Take initial profits at 117.00 and wait for further guidance on what price levels to consider re-entering. Set your stop at 113.75.
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