AzizKhanZamani

CADJPY Local S/R| Swing High| Bearish Retest| Price Action

Short
FX:CADJPY   Canadian Dollar / Japanese Yen
Evening Traders,

Today’s analysis – CADJPY- trading below local S/R where further downside is probable,

Points to consider,
- Price Action Impulsive
- Local S/R Resistance
- .618 Fibonacci Confluence
- Oscillators bearish 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 bearish bias.

The oscillators are both trading in their respective bearish 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

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And remember,

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Comments

Thanks for your good idea.
+1 Reply
@abel11, Thank you :)
Reply
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