Hi Traders! CADJPY bearish flag provides sell opportunity for us. A detailed analysis of this potential sell setup is as follows:
CADJPY H1 Chart:
On the H1 chart there is strong bearish momentum and currently the price is trading below a critical resistance zone (marked with the rectangle on the image). Price is trading inside a flag which might provide us with the sell opportunities as long as the invalidation level is not reached.
CADJPY H4 Chart:
If we get this sell setup triggered then the first important level on the way down to pay attention to is the zone between 85.541 – 85.435.
Invalidation: If the price moves higher, breaks and holds above the level shown in the screenshot (marked in red line on H1 chart) then this sell setup would be invalidated (false breaks can be neglected).
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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