CAD/JPY
With Canada beginning to ease off on interest rate hikes, we may start to see the Canadian dollar begin to add strength, with us approaching the 5-month lows for the CAD/JPY at 99.49
this may be the last chance to jump on the bearish bandwagon before we see a potential rebound.
We do however still have a way to go if we were to possibly re-test the 98.00 level which has not been seen since May this year.
The current descending triangle we find ourselves in, provides the opportunity for a short position, where we look to enter at the top of our resistance channel.
Depending on how the market structures itself within the entry zone will determine when and how we enter this trade.
this may be the last chance to jump on the bearish bandwagon before we see a potential rebound.
We do however still have a way to go if we were to possibly re-test the 98.00 level which has not been seen since May this year.
The current descending triangle we find ourselves in, provides the opportunity for a short position, where we look to enter at the top of our resistance channel.
Depending on how the market structures itself within the entry zone will determine when and how we enter this trade.
Penafian
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