VitruvianTrader
Short

CADJPY Bearish Analysis

FX:CADJPY   Canadian Dollar/Japanese Yen
Running into some fib confluence at an important structure zone on the daily. Fib inversion and fib extension.
Will see how this develops. Possible double top .
Will see if price action on lower time frames shows that bears can take control of this market.

If we break and close above the 82.25 level we could breakout to the upside, with a lot of room for bullish action.
Comment: I am short here.
My stop is at 82.55 my targets around 81.
Lets see if the 1618 holds.
1618 is usually a great deciding point, it holds and reverses or its breaks down and confirms the trend direction.
Comment: Back to back rejection candles on the 1H RIGHT off the 1618.

snapshot
Comment: RSI divergence
snapshot
Trade closed: stop reached: Stopped out with minimum loss. Tightened stops because of close over 200 DMA on daily.
Will wait for an opportunity to go long
Comment: Glad I saw the price action, tightened my stops and got out with very insignificant loss. Ability to adjust and not be close minded on your position is key. Like I said in the original post, close above 82.25 and 200DMA would see bullish action. Great to see this result verified. We even retested the level for a chance to get involved, although I was not able to participate. Being correct in an analysis is more important than making money.
Good analysis @VitruvianTrader
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Its hanging around that point isn't it.... teetering
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tightened my stop , because on the daily we closed above the 200DMA @The_Duke,
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The_Duke VitruvianTrader
@VitruvianTrader, Yep, looks like it's fighting its way up there.
Thanks for the heads up.
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