Forex_Trader21

CAD/JPy short trend continuation/ sideways correction

Short
OANDA:CADJPY   Canadian Dollar / Japanese Yen
on a micro-scale, we can see how price broke a weekly support level and retesting it forming our new resistance while forming a sideways correction into a triangle. not long before breaking it and retesting that triangle as it touches the downward trendline aswell . notice how volume decreases on the retest telling us that big money is not interested in the upside. entry trigger was a 4hr bearish engulfing bar with high volume validating the move. macro-level I would want to see it go down to touch lower weekly levels that line up with the downard channel level. as always monitor PA
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.