Following a different currency pair

Good Afternoon Dynamic Traders

Hope your all having a good beginning to the week, and a little good news is that this should be the last day of rain...... until Sunday! (according to my iphone!)

I have decided to have a look and follow the CADJPY, which I’m fairly excited about as I’m fairly sure that I haven’t followed these two currencies yet.

Following my standard procedure its time to get familiar with the price action so that we are able dive in a little deeper and found out what makes these currencies tick!
From looking at the weekly chart we can see that price has been in a downtrend, hit a RN and started to climb until it hit another RN. On the weekly chart below I have marked out 2 potential flags.
The purple circle is marking out a bearish flag, which means price could continue to fall.
The blue circle is marking out a bullish flag, and this will only be confirmed if price climbs above the RN where price dropped.













Tomorrow we will dive into the day chart, and see if we can make more sense of what has been happening!

Happy Trading

Richard Monnery