Price is currently trading near the top of a potential weekly range and price respected the daily bearish trend line. There is a good chance we will see deeper move from this zone and this is why i’m looking to short the pair.
Here is my CADJPY intraday sell idea:
CADJPY W1 Chart
Price trading near the top of a range.
CADJPY D1 Chart
Daily trend line respected
Break below the most recent low will be my trigger to sell. There are two options for the stop loss. A more aggressive approach with better risk:reward ratio will need a protection above 87.50 or so, while a more conservative stop would be above the last high.
Target 1 – 86.65
Target 2 – 86.15
Target 3 – 82.50