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...
We have seen a trendline break and a drop for this pair.. price is now going to pull back to one of the FIBO levels and get rejected
When that happens we can look to short this again
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
