FX:CADJPY   Canadian Dollar / Japanese Yen
Price is currently hovering around a sell zone Ive drawn up. Shown good signs of rejection already.
I'm waiting for price to climb back up & then show me a nice momentum candle down towards the trend line .
If the momentum down starts within the sell zone then I will be taking a short trade. If I miss the momentum I will wait for price to break the trend line & again, if I see good momentum I will take the trade, if not, wait for a retest of the previous trend line ie, support which will now hopefully be the new resistance line.
Indicators showing over bought which supports the trade & it's at a good level between the Fib 50 & 618.
Will be dropping down to the 15 min chart to catch the momentum candle. Good luck :)
Comment:
Update on this pair. Price is currently correcting back to my sell zone, once it gets there & triggers my alert, I will be looking for a momentum candle towards the downside & will enter.
Indicators showing over bought now so supports the move down, hopefully it's a big one when it happens. Good luck :)
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