Charlieab94
Short

CADJPY Short Trade *DAILY FIB*

FX:CADJPY   Canadian Dollar / Japanese Yen
CADJPY is rejecting the daily fib 0.618 level and showing strong "overbought" levels on the 4hr chart. The last bullish wave is looking very overextended and I am keen to see a pullback in to previous structure and bullish 4hr TL.

If the daily trend is correct then this 0.618 retracement should see price go back down to the previous lows (support) at 73.800.

Longer term (months) if that support breaks then new lower lows could be made. The -0.27 fib extension level would be a good target at 70.800.
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