Talking Fibonacci...a good CAD/YEN swing trade.

A few days ago, I felt that the CAD/YEN was a great intermediate trade that you should buy but avoid watching if you don't want ups and downs. Ultimately, this pair will fly...so here is a short termer within the trend. This is from another one of my indicators...'Russell at UMT'. I use about 6 or 7 indicators. (Clicking on the chart gives you a clearer view):



CADJPY has broken out above 80.40 on the daily as we have gone over numerous times in the room. After the breakout it ran up to a swing high of 82.85 in a very, quick explosive move that move went a little too far, too fast and now it is correcting that overbought spike up.

You can see on the chart above that each pullback spent very little time below 80.40. The rectangle on the chart is the buy zone or "accumulation zone". This is where larger accounts come in quickly and snap up offers in this area taking the price right back up.

As you can see good Fib support is at 79.95 at the bottom of the buy zone. If we can buy at 79.95 it could make for a good swing trade, possibly for a move much higher. If we do, it could turn out to be a decent trade with a bounce back to the 81.00 to 81.50 area.