Daniel.B

Level of resistance to keep an eye on

FX:CADJPY   Canadian Dollar/Japanese Yen
154 2 2
Well the pair is now approaching previous resistance which is at the . 382 Retracement of the previous leg down. So I'm personally neutral on this pair until I get a signal to enter short, such as a daily candle doji or pinbar (I don't trade engulfing candles due to unfavorable Risk/Reward offered by them). Will keep updated with targets if trade is entered.

A daily candle close above resistance will signal me to look for long entries on the lower time frames. Also, if that happens I will update with a lower time frame chart to show my targets and stops. Cheers =)

Also do note the 200 MA has essentially flat-lined confirming the range on this pair.
Update: P/A has formed a tweezer top on the daily chart. Which is a sign of rejection / bearish reversal to the bottom of the channel. Looking for an entry now on the lower TF chart at the Fibonacci resistance levels. Good luck =)
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