Hello traders. On this 4H analysis of CADJPY, we have a recently tested resistance level in the 91.650 region. This level is currently being retested and a good entry reason for this short position would be the confirmation of a trend reversal pattern or a candlestick reversal pattern. Upon confirmation of a reversal pattern, the projected target would be in the 89.400 region.
The entry for this setup is a more aggressive one since we are not looking to wait on a break below the neckline in the 90.300 region.
The entry for this setup is a more aggressive one since we are not looking to wait on a break below the neckline in the 90.300 region.
Comment:
Price has risen back to our resistance level. This may be an opportunity for another short position as there is a doji candlestick on the 4H TF which is a good indication that price may actually go lower. However this should be confirmed with other indicators should you choose to open another position!
Trade closed manually:
For the past few days, price has been struggling to break lower to our projected support level. This trade can be closed manually now to secure profits.