CAD/JPY - Short-Term-Trade- (Market Update)
CAD/JPY - Short-Term-Trade - (Market Update): We previously had a nice -SELL- opportunity for this pair. Which it feel a little bit short on reaching that minor support area (Blue Rectangle shown above). I mentioned this last week that we are still expecting more of a down-side for this pair. If you are in a -SELL- I would still recommend you to hold it. However if you are looking for a entry you would like for the following things to happen.
1) SELL: It seems price is retracing a little bit and we may see more of a upside maybe until London Session starts in a few hours. Keep a close eye out for 23.6% - 38.2% Fibonnaci levels as those can be key retracement areas. If price has a rejection around those areas and starts going down it's original trend. We will be placing another -SELL- with a potential T/P around the -27.20% level with a extension around 88.000
2) BUY: If price decides to close -ABOVE- our 4H trend-line we would be placing a -BUY- but we would have to be careful as this would be a CTT. Overall a good T/P for this area would be the 89.000 mark with minor resistances areas being a T/P extension.
NOTE: This is NOT a signal. These post are for educational purposes only. We give a in-depth description on what can happen. If we have any of the confirmation that we need (listed above) then we will have a entry. This is NOT a signal.
1) SELL: It seems price is retracing a little bit and we may see more of a upside maybe until London Session starts in a few hours. Keep a close eye out for 23.6% - 38.2% Fibonnaci levels as those can be key retracement areas. If price has a rejection around those areas and starts going down it's original trend. We will be placing another -SELL- with a potential T/P around the -27.20% level with a extension around 88.000
2) BUY: If price decides to close -ABOVE- our 4H trend-line we would be placing a -BUY- but we would have to be careful as this would be a CTT. Overall a good T/P for this area would be the 89.000 mark with minor resistances areas being a T/P extension.
NOTE: This is NOT a signal. These post are for educational purposes only. We give a in-depth description on what can happen. If we have any of the confirmation that we need (listed above) then we will have a entry. This is NOT a signal.