Chart time frame - H4 Timeframe - 1 Day Actions on - A – Activating Event Currency Pair creating a Double Top. B – Beliefs Market will be rejected at @84.82 level and move towards the first Target 1 level @ 84.3 level.
Nice idea on CADJPY and there may be bearish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first resistance that we have identified is at 85.19 (61.8% Fibonacci extension , 61.8% Fibonacci retracement , horizontal pullback resistance). Stochastic is approaching its resistance at 96% where a reversal could occur. If a reversal does occur, we may look at the 84.41 support level (50% Fibonacci retracement, horizontal swing low support).
Please have a look at our idea and share with us what you think.
SMPTrader
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@ICmarkets, Sounds great :) I don't follow fib but think you are on the right track. Time will tell lets see what eventuates
ICmarkets
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@BenWright21, what do you usually use for your analysis then? :-)
SMPTrader
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@ICmarkets, Just basic technical analysis. Moving average, Bollinger bands and support and resistance lines.
Please have a look at our idea and share with us what you think.