CADJPY: Very Risky Sell Setup

CADJPY: Very Risky Sell Setup

Price is testing a strong resistance zone and on the other hand it
seems that the price is creating a type of expanding pattern
with bullish dominance.

It is risky because JPY has been very weak and also the monetary policy statement from
BOJ is not helping at all.

However, it can work out well for some small pipsl

Thank you and Good Luck!

Trade closed: target reached:

CADJPY -> Two Targets Reached

Comment:

The chances are that CADJPY may move down again for an ABC wave...however, you should not have this trade open during the BOC interest Rate decision that is scheduled for tomorrow June 7

Comment:

The Bank of Canada is expected to not hike the Interest rates today.
Actual IR is 4.5% and it is not expected to change today. If that will happen CADJPY will continue down as shown on the chart, considering the following pattern