SKACAPITAL
Long

CADJPY POTENTIAL LONG THEN GOOD SELL

FX:CADJPY   Canadian Dollar/Japanese Yen
If price breaks above the inner trendline then we would be looking long to level 83.00-83.200. Once price reaches this level we would ideally be looking for a short setup down to 80.00-79.850. However, we take it step up step and be patient with the trades. On the one hour window the 200 EMA is acting as Magnetic Resistance in our target area on the upside. However if price breaks above the downward trendline breaking above 83.250 then the trade setup to the downside would no longer be valid. If we do have strong bearish PA at this level we would be looking short down to 81.650 then 80.000 for a 300+ pip downside move.
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