CADJPY Short Setup after extended bullish run
After an overextended run we have a nice short setup shaping up. Here are the confluence factors:
1) Rejection of 2 Downsloping trendlines (short term and long term trend lines)
2) Deceleration with high test
3) Rejection of Monthly Resistance line at 79.00
4) Rejection of Fib retracement 0.618
5) Rejection of the 50 EMA on daily
6) Stock RSI overbought Area
Lower time frames: MACD Divergence on 1 hr chart
1) Rejection of 2 Downsloping trendlines (short term and long term trend lines)
2) Deceleration with high test
3) Rejection of Monthly Resistance line at 79.00
4) Rejection of Fib retracement 0.618
5) Rejection of the 50 EMA on daily
6) Stock RSI overbought Area
Lower time frames: MACD Divergence on 1 hr chart
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.