Short CADJPY -JPY looks strong (20 Dec, 2021)

FX:CADJPY   Canadian Dollar / Japanese Yen
With the exception of USDJPY (it looks a bit tricky) all JPY crosses are giving clear bearish signals.

I am looking to take a short on CADJPY . The support at 88.30 has been convincingly broken. This happened on 30th Nov as well but subsequent bullish recovery attempts were quite weak by comparison. I believe that after a retest of this previous support, we will see a bearish continuation of the trend that began in late Oct.

Price is once again below the 200 DMA and that by itself is a bearish sign. An entry near 88.30 would permit a small stop loss and first target would be above 85.10 - a nice 3R trade opportunity. The next target lies below at 82.00

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Comment: I got stopped out, the retracement was rather deep. I would reconsider another entry at current price, but will let it go. The market participation will continue to be low during these holidays - for another 10 days or so.


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