CADJPY pair could provide us with a great sell opportunity if we see it making another leg higher. There is a confluence of two fibonacci expansion cycles. As we know that creates a “magnet” level for the price. Here is the plan to join:
Technical Analysis:
H1 – double fibo expansion confluence, potential divergence
CADJPY SELL IDEA ENTRY:
Wait for price to push higher and enter the 87.10-60 zone. This is where you should start looking for sell entries. A trigger could be completion of bearish divergence, false break or more conservatively, the break of the most recent up trend line that we see being created at the moment.
Targets:
Aim 85.60 as first target and let the other part run with your Stop Loss at break even.
