CADJPY - Short

3 May 2020

We have been sat in consolidation for a while now with no real directional movement, but we may well have the chance to trade within this range while remaining confident of a possible bearish breakout. 75.50 is going to be our entry point and we should get away with a tight stop loss in this instance above this zone. 74.80 is going to be our initial target as this analysis is going to focus around two separate trades. We will be looking to take profit at 74.80 and seeing how we respond; a pullback is expected but ultimately, we will be focusing on a breakout and retest of 74.80 to gain our second entry as we look to ride the momentum to 73.80 and repeat the same process.