Hi All
Reasons for choosing CADJPY - Short
1) Looking for strong vs weak currency (Check currency indices). JPY strong due to safe haven status. CAD weak due to low oil prices. Both due to effects of corona virus which not likely to end soon.
2) No major economic indicators due out for next seven days for either country. (Check economic calender)
3) Risk reward of 1:3 (Breakeaven 25%)
4) Stop loss just above strong line of resistance. Take profit just above strong line of support
Let me know what you think
Cheers Rus
Reasons for choosing CADJPY - Short
1) Looking for strong vs weak currency (Check currency indices). JPY strong due to safe haven status. CAD weak due to low oil prices. Both due to effects of corona virus which not likely to end soon.
2) No major economic indicators due out for next seven days for either country. (Check economic calender)
3) Risk reward of 1:3 (Breakeaven 25%)
4) Stop loss just above strong line of resistance. Take profit just above strong line of support
Let me know what you think
Cheers Rus