Good day traders, first of all I would like to apologize for not uploading any analysis for the past few days due to real life commitment which is to handle my team and my family. Nevertheless, let's get started.
CADJPY has been in consolidation since June 2020. Price has broke a three top formation and it means bear market has started to take place. So I would be looking at a short position setup at fibonacci retracement level of 50% which is also inline with the neckline of triple top, a good risk reward ratio trade.
A good sell setup is as below,
Sell limit: 78.97
SL: 79.21
TP: 78.35
Happy trading. Always go for a clear entry and it's always you versus yourself, not you versus the market.
CADJPY has been in consolidation since June 2020. Price has broke a three top formation and it means bear market has started to take place. So I would be looking at a short position setup at fibonacci retracement level of 50% which is also inline with the neckline of triple top, a good risk reward ratio trade.
A good sell setup is as below,
Sell limit: 78.97
SL: 79.21
TP: 78.35
Happy trading. Always go for a clear entry and it's always you versus yourself, not you versus the market.