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:
H1 – double fibo expansion confluence, potential divergence
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.
Aim 85.60 as first target and let the other part run with your Stop Loss at break even.
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