Remember CADJPY are a commodity pair i.e OIL
Canada is a net exporter of oil and Japan is a net importer, so When Oil goes up CAD is stronger and JPY is weaker and when OIL goes down, CAD is weak and JPY is strong
1. Over the last 3 years, on the Daily/weekly chart, CADJPY has been trending down in a descending channel.
2. We are now at the top of the channel and can enter a short aiming for 1000 pips for those who can hold that long
..... You can wait for a retracement up before entering or enter now with a smaller lot size
TP at any of the levels, although I am hoping it can collapse to the bottom of the channel
Canada is a net exporter of oil and Japan is a net importer, so When Oil goes up CAD is stronger and JPY is weaker and when OIL goes down, CAD is weak and JPY is strong
1. Over the last 3 years, on the Daily/weekly chart, CADJPY has been trending down in a descending channel.
2. We are now at the top of the channel and can enter a short aiming for 1000 pips for those who can hold that long
..... You can wait for a retracement up before entering or enter now with a smaller lot size
TP at any of the levels, although I am hoping it can collapse to the bottom of the channel
Trade active
Trade closed: stop reached