Here we can see a very simple trade to be taken on the Short-term bearish bias. CADJPY has reached strong daily resistance area.
Possible Double top (strong resistance) with multiple rejections. Aiming to short the reversal, with the stop loss place above previous wicks as shown the graph.
On another note, a pullback to 38.2-61.8% Fib would be considered as a healthy one before continuing the overall "bullish" trend.
BUT please take into consideration that we have Canada’s Gross Domestic Product (GDP) release on Feb 28th. Thus, we advice you to tighten your stop loss before the news.
Possible Double top (strong resistance) with multiple rejections. Aiming to short the reversal, with the stop loss place above previous wicks as shown the graph.
On another note, a pullback to 38.2-61.8% Fib would be considered as a healthy one before continuing the overall "bullish" trend.
BUT please take into consideration that we have Canada’s Gross Domestic Product (GDP) release on Feb 28th. Thus, we advice you to tighten your stop loss before the news.
Trade active:
Target 1 HIT (4H Chart)
Trade closed: target reached
Place your SL in profit and let it run