Possible SELL opportunity on CADJPY

The CADJPY pair might offer soon an interesting sell opportunity assuming a trend continuation scenario.

After a recent uptrend, the pair is currently moving between a major resistance (downward pressure) and a major support (upward pressure) with the latest move being a significant downtrend.

A SELL opportunity might form if:

• The Breakout Pivotal Bars turn bearish (candles colored in red) in the blue circle at the top
  
• The RSI Exhaustion becomes Bullish Exhausted (RSI line gets colored in green) in the blue circle at the bottom (around 50)
  

If instead, the pair starts to consolidate around the current level (moving pretty much sideways), the subsequent scenario might turn to the bullish side.

Either way, remember to do your analysis, be patient and always look for confirmation from the indicators.

Yorum:

Still consolidating