Description: As shown above we have FX:CADJPY . This pair is currently , although price is demonstrating momentum off the Lower
Ascending i would still call this a short position, we have had multiple attempts to close above Monthly Resistance 86.800. This has not been fulfilled creating a
Double/Triple Top consequently seeing Price Decline. We are also now at a where price has not only Topped out and dropped at the Zone it has also gathered
strong momentum from there. This will now be a Strong key level/ Daily Resistance 83.75. There has been a 38.2 FIB rejection from this level also price in trend so
this will be a strong area for Stops, First Target being Monthly Support 81.500
Indicators: Both EMA's are heading South The 50 is currently acting as magnetic resistance and on smaller time frames we have a cross with the 10 20 50
Duration: Long Term
Decision: I will short this pair on The open on the market with confirmation.
TP 1: 81.500
TP 2: 80.350
TP 3: 79.500
SL : 84.000- 84.250
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading