Following up on a comment here, CADJPY’s rally extended as expected and reached as high as 87.09, just inch below mentioned target of 61.8% projection of 80.52 to 85.75 from 83.88 at 87.11. We’d talked about putting the exit at slightly below 87.11 at 87.00 and it’s filled.
From Action Bias point of view, H Action has been neutral for some time, suggests a lack of impulsive momentum. The 6H Action Bias chart also doesn’t show persistent blue bars. Therefore, we’d maintain our view that while further rise cannot be ruled out, current level is an appropriate level to exit long.
