CADJPY Daily S/R|Range Mid|200 EMA|Local Volume|Bearish PA

Evening Traders,

Today’s Analysis – CADJPY – trading at Range-Mid where a bearish retest is probable, confirming a potential right shoulder of a H&S pattern.

Points to consider,
- Bearish Price Action
- Daily S/R Resistance
- Range Mid Resistance (.50 Fibonacci Confluence)
- Volume Below Average

CADJPY’s immediate price action is bearish under range-mid; this allows us to have a bearish bias on the market.

The Daily S/R levels are clear boundaries respecting by price, break of either will coincide with the overall direction of the trend.

Current resistance, range-mid, in confluence with the 200 MA and .50 Fibonacci, a rejection here is plausible as price action morphs into a probable right shoulder.

The volume profile is currently below average, an influx is likely to when key trade location are being tested.

Overall, in my opinion, CADJPY is a valid short with defined risk; price action is to be used upon discretion/ management of trade.

Hope this analysis helps,

Thank you for following my work!

And remember,

“Only The Game , Can Teach You The Game” – Jesse Livermore