Envious_

CADJPY Short Idea - Weekly Analysis

Short
OANDA:CADJPY   Canadian Dollar / Japanese Yen
CADJPY has been on a bull run for a long time now and in the overall picture it has been in a downtrend. My expectation is that price will reach this resistance zone to test it for the third time and perhaps create a triple top and this would be the best entry for a sell position. Furthermore acting as resistance are the two previous order blocks and the resistance level placed on the charts, we also have to consider the fact that this move hasn't been corrected properly, which is likely to occur within this week or the week after and this will determine whether or not cadjpy wants to push even more or if it will collapse. Price has broken through the previous fractal high indicating that it wants to go further upwards, however that fractal was a long time ago and a new fractal is on the process of being developed. I hope this idea helps you traders and happy trading!

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