CAD-JPY
Weekly Structure - Downtrend (The price is moving lower since 01st January 2018)
Daily Structure - Uptrend (However Daily trendline has been broken and it's now being re-tested together with another touch on the weekly down trendline (Orange line).
On the 4 hour chart we can also see that price has been constantly rejected on 84.500 (8 candles in a row without the body of the candle closed below this price).
We can see price moving lower until 83.100 (last resistance broken and strong level of support and resistance).
TP1 - 83.900
TP2 - 83.600
TP3 - 83.100
SL - 84.833
R/R - 5.82
Daily Structure - Uptrend (However Daily trendline has been broken and it's now being re-tested together with another touch on the weekly down trendline (Orange line).
On the 4 hour chart we can also see that price has been constantly rejected on 84.500 (8 candles in a row without the body of the candle closed below this price).
We can see price moving lower until 83.100 (last resistance broken and strong level of support and resistance).
TP1 - 83.900
TP2 - 83.600
TP3 - 83.100
SL - 84.833
R/R - 5.82
Note
We have a small gap on JPY so you can put entry on break even.Note
Or you can have a small win and see what happens if the price goes up again.Note
Take profit hittedNote
Profit 147 Pips
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