SynapseTrading
Short

CAD/JPY (Daily Chart) - Top of Price Channel

FX:CADJPY   Canadian Dollar / Japanese Yen
This pair has had a sharp price run-up before running to strong resistance near the top of the price channel .

After that, we saw some indecision (several price bars moving sideways) before prices came crashing down and closed the price gap.

Odds are now good that prices will continue to fall back to the bottom of the price channel .

I will be looking to short on pullbacks.
Nice identification of the ascending channel on CADJPY and there may be potential gains as you have identified by going short. We have found a major resistance target at 89.45. It is a horizontal swing high resistance and ascending channel resistance, with a 100% Fibonacci extension. Stochastic is approaching resistance and we might see a corresponding drop in price should it react off this level. If a corresponding drop does happen, we have found a major support target at 86.45. It is a horizontal overlap support with a 50% Fibonacci retracement and 100% Fibonacci extension. Excited to see how things develop.

Please take a look at our idea and share with us what you think.

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