This is a short on the CADJPY. Price on the daily has broken out of this trendline to the downside which dates back to march and has been tested at least five times. Yesterdays daily candle broke and closed below this level and now an inside candle is forming which is a pullback on the 4 hour. I may look to short somewhere neat the 4 hour resistance marked if we get an entry.
Comment:
I have now changed my bias on this pair. The daily candle closed forming a bullish engulfing candle. I am now looking for longs on this pair.