Nice Descending Channel being respected on CAD/JPY R:R 1:4

Short

Canadian Dollar / Japanese Yen (OANDA:CADJPY)

Updated

OANDA:CADJPY Canadian Dollar / Japanese Yen

trendanalysis chartpattern jpy cad cadjpy short riskreward

Descending trend channel has been respected on the Daily timeframe on pair CAD/JPY, the R:R is solid at 1:4 so this is a trade I have entered on a technical basis.

Comment:

I will look to close out my position if the orange daily support line can not be broken, we are also currently sat at a 4H support zone, therefore I would advise awaiting a better entry point on a shorter time frame. I executed my entry on the previous wick using the 15m timeframe

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