Hi Traders! We have CADJPY bearish opportunity forming at the moment. In the below video you will find a detailed explanation of this sell opportunity:
CADJPY Daily Chart:
On the daily chart the price which was moving inside a channel has currently broken below it. Based on the indicator we may now expect short term pullbacks to happen. We may expect this pullback to happen towards the critical zone shown in the screenshot and from this zone I am basically looking for continuation lower. We may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
CADJPY H4 Chart:
On the H4 chart the price has created lower lows which we may consider as an evidence of bearish pressure. The price has also completed the first retest of the breakout zone, we may now expect the price to move higher and retest this critical zone again completing the double wave. We may then start looking for sells with more bearish evidences.
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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