CADJPY – ANTICIPATE FOR A SELL OPPORTUNITY – TopDownAnalysis
As shown, the market is on a 4 hour down trend and reaching a trend line which has previously been rejected a few times. This is shown from the Trend lines drawn on this specific graph.
There is confluence in terms of the pair being considerably high on RSI, as well as considering the movements of the major corresponding pairs (USDCAD long + USDJPY short).
The pair is also reaching a resistance level as well as a Fibonacci level of 0.382 in which we can anticipate a further resistance.
We should therefore anticipate a SELL opportunity.
In terms of entries- enter NOW or wait for a further Bearish Indication.
There is confluence in terms of the pair being considerably high on RSI, as well as considering the movements of the major corresponding pairs (USDCAD long + USDJPY short).
The pair is also reaching a resistance level as well as a Fibonacci level of 0.382 in which we can anticipate a further resistance.
We should therefore anticipate a SELL opportunity.
In terms of entries- enter NOW or wait for a further Bearish Indication.
Trade closed: stop reached