CADJPY reversed from strong resistance

7 Nis 2021

CADJPY has come to a strong resistance trendline from 2007 and reversed. Looking for a drop to strong support from January 2009. It the support breaks, expecting downward correction to strong support from May 2013 near 83.375.

Will be watching for initial test of 1W 8 EMA near 86.250 and test of the 2009 support line.

7 Nis 2021

İşlem aktif

Entered trade@ 86.908
TP1: 86.643
TP2: 86.315

Expecting a retracement around 86.200. Will enter additional short trades based on price action at the time.

8 Nis 2021

Yorum

Good move down today (8th April). Price is struggling at 86.580 support level. TP1 achieve and closed 50% of positions. The rest are are at break even.

If price continues to retrace will look for new sells at rejection of 87.500 MM area.