Hello Traders, welcome to the Daily Forex technical analysis
. Today is October 7th, 2019 and we will be taking a look at the Canadian Dollar
against the Japanese Yen
. Looking at the 1 hour time frame we can see price action has attempted to reach its previous area of resistance at the 80.7 region, but failed to make bullish
continuation at this zone. We will be looking for an opportunity to find a short with optimal conditions to execute a proper trade with manageable risk. Entry for a Short position near the 80.687 area, with a Stop Loss near the 80.850 region, with a target profit level area of 80.307 to possibly ensure a profitable trade with a 2.33 to 1 R/R. Thank you for tuning in please feel free to write a comment or leave some feedback, any advice is greatly appreciated. Have great day and good hunting out there traders!