Here is the Top-Down Analysis of CADJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Market is moving in a downward channel. Price faced rejection at resistance level of trend line creating double top and moved down.
W > Price dropped to test weekly support and faced rejection. This support also coincided...
CADJPY has been on the bull run for the past 3 days. this may be the time that we can short this pair and close our longs in it.
It has strong resistance at this point. So, we will be taking a short if and only if prices close below this resistance level and follow the next day the downtrend.
So maybe tomorrow we will be taking the short for the target of 77.700...
CADJPY has been gaining since the last three days and finally hit the resistance region of 76.600.
It's showing that there might be a corrective wave till 75.200 levels before any further upward momentum is gained again IF today prices remain and close below 76.289.
It's a great short opportunity if we wait for a confirmation today and will be going short if THIS...
As I am expecting correction is completed fib level also reached its level.
now i am looking downward move which may very sharp.
Note: This is mere a idea not a trading signal to trade. Trade carefully !
Thank you for your support !