CADJPY Local S/R| Declining Volume| Bearish Retest|Price Action

17 Okt 2020Evening Traders,

Today’s second analysis – CADJPY- bearish breakdown with local S/R target,

Points to consider,
- Bearish Price Action
- Local S/R Resistance (Bearish Retest)
- Declining Volume

CADJPY’s immediate price action is bearish, breaking down below local S/R. This allows us to have a bearish bias on the market.

Any rallies are now technically considered bearish retests; they need to be backed with increasing volume for follow through.

Both oscillators are projecting downwards momentum, breaking below 50 mid will enter bearish territory zone.

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,

“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas