4H Analysis on CADJPY
Updated
Hello traders. On this 4H analysis of CADJPY, we have a recently tested resistance level in the 91.650 region. This level is currently being retested and a good entry reason for this short position would be the confirmation of a trend reversal pattern or a candlestick reversal pattern. Upon confirmation of a reversal pattern, the projected target would be in the 89.400 region.
The entry for this setup is a more aggressive one since we are not looking to wait on a break below the neckline in the 90.300 region.
The entry for this setup is a more aggressive one since we are not looking to wait on a break below the neckline in the 90.300 region.
Note
Price has risen back to our resistance level. This may be an opportunity for another short position as there is a doji candlestick on the 4H TF which is a good indication that price may actually go lower. However this should be confirmed with other indicators should you choose to open another position!Trade closed manually
For the past few days, price has been struggling to break lower to our projected support level. This trade can be closed manually now to secure profits.
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.