Lovely shorting opportunity on the 4 hour.
Previous daily structure for possible reversal
Can trade off of the break out candle - or wait for a pull back to the consolidation zone then enter short
I'm more aggressive so i will be taking the trade depending on how markets open
check on Daily TF you may see if clearer what i am seeing
Looking for short trades this coming week on CADJPY... We have had several rejections from the topside supply level, there is a chance we could get one last stop hunt high into the higher supply zone. Let's wait and see what price action we get into next week. Pay attention to Monday, and wait for the daily close to confirm directional bias.
Canadian Dollars recent rally has been impressive, despite the pullback, the currency could likely continue its uptrend next week - thanks to last Friday's impressive Employment Change report. A decent pullback of CADJPY pair to 80.498 & 80.050 is what is needed for the bull rally to continue the uptrend to next resistance level...
Remember More often than not your set-ups wont hit your TP so you need other exit strategies, involving the movement of your SL and just your discretion as an experienced trader so that you can still profit.
. There is a possibility of temporary retracement to suggested support line (80.00). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. CADJPY is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....