CADJPY Buy
Downswing retraced to .382 line of most recent uptrend (Aug 2 - Sep 13) approx 12 hrs ago.
Price interacting w/ 2 key points which could be a setup for a breakout:
1) trend line of this uptrend (best seen on 4 hr timeframe).
2) Top trend line of Bullish falling wedge pattern seen on 1 hr timeframe.
JPY news in about 8 hrs could lead to this breakout (of course if news shows JPY raising interest, this could end up in the opposite direction...).
Using support line to determine SL & TP set at 3:1 RRR. Entry could be now at lower support line, or just above structure formed over past 24 hrs.
Price interacting w/ 2 key points which could be a setup for a breakout:
1) trend line of this uptrend (best seen on 4 hr timeframe).
2) Top trend line of Bullish falling wedge pattern seen on 1 hr timeframe.
JPY news in about 8 hrs could lead to this breakout (of course if news shows JPY raising interest, this could end up in the opposite direction...).
Using support line to determine SL & TP set at 3:1 RRR. Entry could be now at lower support line, or just above structure formed over past 24 hrs.
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