CADJPY
has come to a strong resistance trendline from 2007 and reversed. Looking for a drop to strong support from January 2009. It the support breaks, expecting downward correction to strong support from May 2013 near 83.375.
Will be watching for initial test of 1W 8 EMA near 86.250 and test of the 2009 support line.
Will be watching for initial test of 1W 8 EMA near 86.250 and test of the 2009 support line.
Trade active:
Entered trade@ 86.908
TP1: 86.643
TP2: 86.315
Expecting a retracement around 86.200. Will enter additional short trades based on price action at the time.
TP1: 86.643
TP2: 86.315
Expecting a retracement around 86.200. Will enter additional short trades based on price action at the time.
If price continues to retrace will look for new sells at rejection of 87.500 MM area.