NickLindleyFx
Short

CAD/JPY shorts to continue?

FX:CADJPY   Canadian Dollar / Japanese Yen
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Weekly - On the weekly, overall my bias is downside after rejecting a possible ABCD bullish pattern which I preferred last week.

Daily - On the daily price has put in place a strong bearish engulfing candle after the 50ema reacted as resistance, this could show that bears are now coming into play to push this pair further down and create new lows.

Hourly - Looking at the hourly for entry, there is no opportunity for me to enter short currently, I would have to witness a retracment to the 62.8% fibonacci level (82.151) which could coincide with a rejection of the 50ema once again, if I saw a nice candlestick pattern on this level I will enter short and trade this pair down to my first target of 80.555 (Previous lows) and potentially trade this down to possible new lows at the key level of 78.800
Fortunately I managed to get a great short entry on the hourly chart based on tis analysis, I manually closed my profit at +3% when we saw a sharp decline. Im not longer interested in trading this pair to the downside, however there hasn't been any price action that would support a bullish trade either. It will be interesting to see where this pair goes next week.
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