Anakiin

CADJPY Short Setup after extended bullish run

Short
FX_IDC:CADJPY   Canadian Dollar / Japanese Yen
After an overextended run we have a nice short setup shaping up. Here are the confluence factors:

1) Rejection of 2 Downsloping trendlines (short term and long term trend lines)
2) Deceleration with high test
3) Rejection of Monthly Resistance line at 79.00
4) Rejection of Fib retracement 0.618
5) Rejection of the 50 EMA on daily
6) Stock RSI overbought Area

Lower time frames: MACD Divergence on 1 hr chart




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