CAD/JPY Divergence Hinting Possible Rejection From POC Zone

2 min read
Davin Wu

Davin Wu

Market Analyst and Educator

Dear Traders,
The CAD/JPY has formed a bearish divergence with price preparing for a possible bearish rejection. Bearish divergence happens when price makes a higher high while the oscillator makes a lower high.

Price is currently approaching historical order block clusters, 83.74-84 zone in confluence with M L3, W H4 and D L5 area. Targets are 82.81 [D L5 // 0/8 // Historical Lows from February] and 82.42 [-2/8 // Last Swing Low].

Have in mind that price needs to stay below 84.37 for divergence to remain stable.

A move below 84.30 would signal additional bearish strength and an extended target of 82.00 area, M L5

The analysis has been done with the CAMMACD.MTF template.
Join Elite CurrenSea’s Forex and CFD seminar in Croatia on March 14th.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.

Cheers and trade safe,
Davin Wu
Elite CurrenSea

Leave a Reply


This site uses Akismet to reduce spam. Learn how your comment data is processed.

Notify of