The bullish trend is gaining ground with no signs of slowing down. A potential short term sell-off may be near, this could lure some sellers into the market only for the price to reverse when it hits our order blocks marked.
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...
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