CADJPY Bearish Analysis

Running into some fib confluence at an important structure zone on the daily. Fib inversion and fib extension.
Will see how this develops. Possible double top.
Will see if price action on lower time frames shows that bears can take control of this market.

If we break and close above the 82.25 level we could breakout to the upside, with a lot of room for bullish action.

Kommentar:

I am short here.
My stop is at 82.55 my targets around 81.
Lets see if the 1618 holds.
1618 is usually a great deciding point, it holds and reverses or its breaks down and confirms the trend direction.

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Back to back rejection candles on the 1H RIGHT off the 1618.

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RSI divergence

Trade geschlossen: Stop wurde erreicht:

Stopped out with minimum loss. Tightened stops because of close over 200 DMA on daily.
Will wait for an opportunity to go long

Kommentar:

Glad I saw the price action, tightened my stops and got out with very insignificant loss. Ability to adjust and not be close minded on your position is key. Like I said in the original post, close above 82.25 and 200DMA would see bullish action. Great to see this result verified. We even retested the level for a chance to get involved, although I was not able to participate. Being correct in an analysis is more important than making money.