CAD/JPY Trend Continuation Trade - Short on Hourly

FX:CADJPY   Canadian Dollar / Japanese Yen
We can see that CAD/JPY had obvious bearish momentum

-We have approached a STRONG structure resistance and tested it multiple times with no break.
-RSI is overbought, and as we can see looking left, Overbought RSI has led to further downward movement.

Sell NOW at recent structure resistance , stop above. Target at recent support (pink box)
Nov 22
Comment: Testing Critical Support
Nice idea on CADJPY and there may be bearish bias as you have identified. For our set up, we have identified the key resistance and support levels. The resistance that we have found is at 85.50 (100% Fibonacci extension , 50% & 38.2% Fibonacci retracement , horizontal overlap resistance), which is in the resistance zone that you have identified. Stochastic reversed off its resistance where a corresponding drop could occur. If a drop does occur, we may want to look at the 84.99 support (61.8% Fibonacci retracement , horizontal swing low support). Looking forward to seeing how things develop. Please look at our idea and share with us what you think.

great trend following trade man! agree!
AidanMDang VasilyPonomarev
@VasilyPonomarev, Thanks man! I based this trade off of our impulse leg/trend continuation lesson!
+1 Reply
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