FX:CADJPY Canadian Dollar/Japanese Yen
CADJPY fell off the cliff after the little pin bar candlestick pattern that we covered yesterday. That pin bar was formed at the 98.10 resistance level and at the time it formed, the indicator and ( ) where in the overbought area which increases the odds of selling that pin bar candlestick pattern. That little pin bar candlestick alone has lead to a 130 pip drop in the price. After the drop, we could see the price gradually climb to the 97.50 resistance level and once again the indicator and are showing the price is overbought. The (ATR) is currently showing the volatility is low. With all that being said, we could potentially have great selling opportunities in today's London session.