OANDA:CADJPY   Canadian Dollar / Japanese Yen
12 0 3
Setup Timeframe: 4H
Execution Timeframe: 1H
Risk: 2.79%
Reward: 6.43%

Reasons for Entry: Bouncing off the 61.8% level, below the 50 and 200 EMA on the 4H chart, so bias is short.

Reasons for SL placement: A good amount of room above the 78.6% fib level, at this point a short wouldn't be convincing, it could be reversing the trend if it reaches this level.

Reasons for TP placement: At the -0.27 fib extension level.
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