Today’s analysis – CADJPY- trading below local S/R where further downside is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance
- Oscillators control
- Lower Local S/R Objective
CADJPY’s immediate price action is trading under local S/R that is in confluence with the .618 Fibonacci, allowing for a bias.
The oscillators are both trading in their respective control zones, indicative of weakness in the market.
The Lower Local S/R is objective, exceeding the level increases the probability of further downside.
Overall, in my opinion, CADJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
“The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behavior.” – Brett Steenbarger