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idris_m
Apr 1, 2019 12:09 AM

CADJPY – ANTICIPATE FOR A SELL OPPORTUNITY – TopDownAnalysis Short

Canadian Dollar/Japanese YenFXCM

Description

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.

Trade closed: stop reached

Comments
Basit-Abdul
Looks like a good opportunity. Might consider this!!
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