Hi Traders! We have CADJPY bearish opportunity update and follow up. In the previous post here I mentioned “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”. Lets see how this setup has developed now.
CADJPY H4 Chart:
On the H4 chart the price moved higher, reached the critical zone and is currently moving lower exactly as per our plan. If the price moves lower further, breaks and holds below the uptrend line, we may then looks for pullbacks and sells with 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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