This pair looks like it is running out of selling power, especially now that we have reached a key structural level. When all the market can identify sells there will no longer be sells and that is why I am looking for buying options. I have marked out two potential options for this pair.
1. We either break the structure marked and wait for a structural shift on...
We have seen a bounce off the lows in the CADJPY cross, extending slightly past the 78.69 fibbo resistance, I remain a seller of this pair up until the 79.10 area. Therefore I have entered a short at 78.80 & will sell another clip at 79.10 if we get there. I expect to head towards and test the low around 78 again.
Short at 78.80
Short 2nd clip @ 79.10 (if we get...
My target is at the support level. price has been ranging in this zone
If you check the higher time frames(4hr and Daily), the price has been between these zones(resistance and support)
Price movement will likely make a rebound to the resistance level when it gets to the support level(take-profit level).
This currency pair is in my watchlist!!
We have seen a nice bearish setup buliding on this pair on the daily time frame as well as smaller time frame. We may see a temporary retracement upwards before pushing down. I have placed the sell order accordingly and marked the tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
After refreshing our chart on this pair it still seems likely for a potential long term short position. Third touch on this resisting trendline should be enough to force a harsh rejection down to complete the overall trading range/ structure
1. Continuation of uptrend on 4hour timeframe
2. Retest of recent resistance level which has now turned into a support level
3. Bullish pinbar formation at support level
4. Daily timeframe confirms trend continuation as recent resistance is at 84.397 which is yet to be reached