The loonie and yen have been in descending triangular consolidation since April 2017.
Recently the base of the consolidation is broken and last week was retested.
A consideration for a short is made as the bias is to the downside ( Price below the 200 week MAV)
Entry - Closer to the 20 w MAV , as a false break back into the consolidation.
Target - prior major low of 2008 , and the equal consolidation extension .
Stop - above monthly pivot point
RR = 4+ ..............................
Recently the base of the consolidation is broken and last week was retested.
A consideration for a short is made as the bias is to the downside ( Price below the 200 week MAV)
Entry - Closer to the 20 w MAV , as a false break back into the consolidation.
Target - prior major low of 2008 , and the equal consolidation extension .
Stop - above monthly pivot point
RR = 4+ ..............................