FX:CADJPY Canadian Dollar/Japanese Yen
CADJPY has entered a low squeeze on the 1 hr chart. The Chikou span (lagging span) is crossing Senkou Span (leading span) A, an indication that price action may be forthcoming. Price has crossed below the cloud to mark the end of a weeklong run. A setup has completed and price has begun its movement toward the 1-4 target line. A strong resistance sits above price which could restrict movement in the 92.820 area. My current bias is short, waiting for a breakout of the squeeze. A short target is set at the cluster of unhit with a SL above the S/R .
Trade active: I've entered short on a smaller TF Wolfe Wave setup. First target is at the new weekly pivot, second target is at the November pivot as shown:
Trade closed: stop reached: SL hit -22pips. The next sell area I will be looking for is a bearish Wolfe wave on a higher TF. If and when the setup is complete and ready to trade I will update this idea and link to a new chart: