CADJPY - Long in a downtrend

This is the long term chart of CADJPY, which has been in a clear downtrend. There is a bullish divergence on this wedge which should push price higher, but for now, no need to look for a trend reversal.

On the daily chart, a double bottom in a failed H&S continuation pattern with false breakout and bullish divergence calls for higher prices.

This bullish picture has been drawn by the lack of follow through after the BOJ disappointment last week. When something can't fall on bad news...

I went long on the 22nd, got stopped out on 26th, re-entered long on the 28th.

As for targets, I am looking at 80(which is where I will take profits), but I think this pair can move to 82.

Trade chiuso: obiettivo raggiunto:

Trade closed below target, I am not confident anymore in the CAD after Poloz's comments.