$CAD/JPY general is trending up , if you zoom out to the 4h frame you can clearly see the price kept on printing new highs since 16th june forming a perfect bullish market structure with higher highs/higher lows . but if if we zoom in to 1h frame you can see a smaller wave creating a bearish market structure and already broke the previous low at 150.59 so we take it as a sign of weakness of the price . now if we zoom out again but this time to the daily chart you will notice that the daily candles formed a daily resistance at 105.71 so we will see a price correction to this price level and if it holds the price should fall down to 105.17(50 pips) as a first bearish target and a possible continuation all the way down to 104.80 (90 pips). as for the stop loss it's put above at 106.02 (35 pips).
remember that it's a counter trend trade so if you open a position make sure to use a proper money management .
the short mode will be cancelled if we have the price to break above 106.14.
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trade safely good luck everyone
remember that it's a counter trend trade so if you open a position make sure to use a proper money management .
the short mode will be cancelled if we have the price to break above 106.14.
if you find this post of value and use to you and love to see more posts alike please do consider to support me by liking and commenting and remember to follow me so you don't miss any future idea, analysis or market update.
trade safely good luck everyone