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
Possible drop for CADJPY. Price has remained under both 200 and 50 EMA indicating a short bias. Price has hit the resistance of the trend line channel as well as the horizontal resistance zone, both indicating a short bias. Small stop loss of about 40 pips and take profit of around 90 pips. FX:CADJPY
Good buy opportunity on this pair.
I have marked the entry, stop loss and take profit.
Capital risked: 1%
Risk to Reward - 1:2
Be alert and pay attention to the simplicity and similarities in the setups. Your mind is a sucker for habit so you can turn your technical analysis into one.
Happy trading all! :)
Possible short position for CADJPY. Price is moving below 200 and 50 EMA indicating a short bias. Price has also hit trend line resistance for the third time validating the trade and also has broken a local support zone meaning it could go down and push towards the next support. Small stop loss of 30 pips with around 130 pips for take profit. FX:CADJPY