CADJPY SHORT SETUP
CADJPY is technically in a downtrend making several lower highs over the years, on the weekly chart, with a perfect trendline extending from 2017 till date. In December 2020 price did find it way back to the resistance zone of the trendline on the weekly chart and got rejected, with a weekly PINBAR in the 2nd week of December 2020.
Taking it to the 4H chart, we've a range bond zone between 77.80 and 82.00, with the weekly PINBAR rejection, now price is in a BEARISH FLAG on the 4H chart, with this BEARISH FLAG making a 61.8 retracement of the rejection impulse move off the resistance zone of the range mentioned.
The 61.8 Fibonacci retracement zone @ 81.30 will be my first point of interest, if we can get a 1H 0r 4H nicely closed rejection candle, that will be a SHORT
trade with stoploss above structure around 82.30, also a break below the BEAR FLAG will definitely set rice lower with target at the support zone of the range @ 78.00 zone.
Taking it to the 4H chart, we've a range bond zone between 77.80 and 82.00, with the weekly PINBAR rejection, now price is in a BEARISH FLAG on the 4H chart, with this BEARISH FLAG making a 61.8 retracement of the rejection impulse move off the resistance zone of the range mentioned.
The 61.8 Fibonacci retracement zone @ 81.30 will be my first point of interest, if we can get a 1H 0r 4H nicely closed rejection candle, that will be a SHORT
trade with stoploss above structure around 82.30, also a break below the BEAR FLAG will definitely set rice lower with target at the support zone of the range @ 78.00 zone.
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